中文摘要：

为评估汇改七年来人民币汇率变动对中国出口的影响，我们用分布滞后模型与自回归模型估计了人民币的汇率传递效应，用自回归分布滞后误差修正模型估计了中国出口的价格弹性与收入弹性。研究发现，在考虑汇率传递效应及进口国收入变动的情况下，人民币名义有效汇率升值仍会对中国出口（数量及总额）产生显著负面影响。在人民币盯住美元时期内，名义有效汇率升值对出口的负面影响比人民币对美元升值时期更加明显。

英文摘要：

To evaluate the impact of RMB exchange rate appreciation on China＇s exports since the RMB ex- change rate reform, we estimate the exchange rate pass -through effect, and the price elasticity and income e- lasticity of China＇s exports. We found that RMB nominal effective exchange rate appreciation still significantly reduced China＇s exports even considering the pass -through effect and the shocks on importers＇ income. When pegging to U. S dollar, the nominal effective exchange rate appreciation of RMB would impair China＇s export more severely.