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This paper measured the influencing factors of NFDI capital volatility hope to prevent the risk of Capital Account Liberalization, while the Capital Account Liberalization has come to a substantive stage in China. Based on the existing literature, this article select the Sino US interest rate differential, onshore and offshore spreads, exchange rate expectations and capital account openness degree as four variables and analysis this four variables' influence on the Volatility of NFDI capital flows by the VAR model using the monthly data from 2006 to 2014. The results show that exchange rate expectations and capital account openness are the most significant factors, and when the national financial environment gradually stabilized, the influence will gradually decrease. So we suggest that the first thing is to speed up the reform of the exchange rate market, which can help to form a virtuous cycle of interest rates, exchange rates and capital account liberalization, and then the capital account liberalization will get twice the result with half the effort.

Influencing Factors of NFDI Capital Volatility in the Process of Capital Account Liberalization