ABSTRACT
Yu Weirong and Hu Haixin (2004) applied ADF to test the oil price fluctuation’s influence on RMB exchange rate and found the oil price influence USD, RMB exchange rate is mainly influenced by USD exchange rate and the price level of main trade partners. Wu Lihua and Fu Chun (2007) studied the relation between RMB exchange rate and Oil price. They argued oil price influenced RMB exchange rate and RMB exchange rate has little influence the on the oil price.
