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1. Research topic and research questions
With economic globalization and financial liberalization, exchange rate 代写留学生论文as the main national macroeconomic regulation and control means and economic levers has more and more obvious roles of national economic development, and most countries use the exchange rate as the primary means of the promotion of international balance of payments, currency regulation circulation and developing national economy, and its importance becomes more and more acceptable to most people (Cline & Williamson, 2007). Therefore, the study of exchange rate in recent years has become a hot topic all over the world.

As the breakout of the world financial crisis and the economic crisis, the international market demand rapidly declines, many years of sustained export-oriented economy in China is facing difficulties, while the continued RMB appreciation even makes more severe export situation (Coudert & Couharde, 2005). With the further increase in the risk of export growth rate dropped the voices for the domestic requirements of even the moderate appreciation of RMB devaluation to stop are becoming stronger. In the international financial monetary system dominated in the U.S. dollar standard system and the current international and domestic economic situation, to choose a flexible RMB exchange rate policy autonomy, maintain a reasonable and relatively stable RMB exchange rate is in line with China’s current economic interests.

The motivation of dissertation aims to the effects of exchange rate changes on the global economy, especially the effects of RMB exchange rate changes on China’s economy. The research questions include as follows:
 How exchange rate affects the global economy?
 What are the problems of the previous RMB exchange rate policy?
 What the difference between old and new RMB exchange rate policy?
 What kinds of influences were happened on both China and the whole world economy?
 How the RMB exchange rate affects the U.S.?

2. Theoretical framework literature review
References
Blanchard, O & Giavazzi, F 2006, “Rebalancing Growth in China: A Three-Handed Approach”, China & World Economy, Vol. 14, pp.1-20.
Carter, CA & Pick, DH 1989, “The J-Curve Effect and the U.S. Agricultural Trade Balance”, American Agricultural Economics Association.
Chinn, MC & Prasad, ES 2000, “Medium-term Determinants of Current Accounts in Industrial and Developing Countries: an Empirical Exploration”, IMF Working Paper, Wp/00/46.
Cline, WR & Williamson, J 2007, “Estimates of the Equilibrium Exchange Rate of the Renminbi: Is There a Consensus and, if Not, Why Not?”, Presented at Conference on China's Exchange Rate Policy.
Coudert, V & Couharde, C 2005, “Real Equilibrium Exchange Rate in China”, CEPII Working Paper.
Dixit, AK & Pindyck, RS 1994,”Investment under Uncertainty”, Princeton University Press.
Dunning, JH 1997, “Alliance Capitalism and Global Business”, New York: Routledge.
Froot, KA & Stein, JC 1991, "Exchange Rates and Foreign Direct Investment: An Imperfect Capital Markets Approach," The Quarterly Journal of Economics, MIT Press, Vol.106, No.4, pp.1191-1217.
Funke, M & Rahn, J 2005, “Just how undervalued is the Chinese Renminbi?”, World Economy, Vol.28, No.4, pp.465-489.
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