Yulin Huang’s scientific contributions

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Figure 2. China's forex reserves Data Source: China Business Yearbook Forex reserves are the sum of foreign currencies and assets held by a country to support the value of its currency. As can be seen from Fig. 4, China's forex reserves continued to grow from September 2007, when the United States made an emergency interest rate cut, to 2014, when the Fed's QE ended. Generally speaking, the continuous growth of forex reserves indicates a large inflow of capital into China. This is because capital inflows increase the demand for the RMB in the forex market, which increases the value of the RMB and prompts the Chinese government to buy more foreign currencies to maintain exchange rate stability.
Overview of the Fed's successive QE policies
A Study on the Impact of the Fed's Quantitative Easing Policy on the RMB Exchange Rate
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July 2024

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Yulin Huang

In the context of global economic integration, the United States, as a major world economic power, the adjustment and change of its monetary policy is of great significance to the fluctuation of the RMB exchange rate. By studying the characteristics of the Fed's QE (quantitative easing) monetary policy, this paper analyses its impact on international capital flows and trade markets, and describes how these impacts are transmitted to China's currency market, causing fluctuations in the RMB exchange rate.

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