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Recently, many hot moneys have flowed into our country, and the occurrence of the financial crisis has aggravated the uncertainty of short-term capital flows, which has attracted extensive attention from the government and academia. This paper uses step-by-step OLS method to empirically analyze the impact of RMB exchange rate and stock price on China's short-term international capital flows from 1994 to 2016 by controlling Sino-US interest rate spreads and macroeconomic conditions. The empirical results show that the RMB exchange rate has no significant correlation with short-term international capital flows, but the change of stock price will affect it. The stock price rises, the short-term international capital outflow increases. Macroeconomic indicators will also affect the short-term international capital flow in China, and there is a positive correlation between them, but the impact of China-US spreads is not obvious.

The Impact of RMB Exchange Rate and Stock Price on Short-term Capital Flow