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Exchange rate communication and practical intervention are the two policy instruments of foreign exchange intervention. As the central bank of our country is out of the normal mode of foreign exchange market intervention, exchange rate communication will play a more important role in the exchange rate adjustment. Based on the SVAR model, this paper evaluated the effectiveness of exchange rate communication, and compared it with the actual intervention. The results showed that the exchange rate communication could change the direction of the exchange rate to the monetary authorities in a short time, and it would be effective in a long period, so it was an effective exchange rate policy tool.

Study on the Mechanism of Exchange Rate Communication and Actual Intervention on the Exchange Rate Pricing of RMB