Based on the basic theory and empirical results, this part analyzes the reason and policy implication of incomplete exchange rate pass-through effect.
基于对前文基础理论和实证结果的综合分析，这一部分探讨了人民币汇率不完全传递的原因和政策含义。
Exchange rate shake has pass-through effect on imported and exported prices.
汇率波动对进出口价格具有传递效应。
The results show all the six variables are co-integrated in the long run, while the effect of RMB exchange rate pass-through on China's CPI is weak.
检验结果显示，六个变量之间存在长期的协整关系，但人民币汇率对我国消费价格的传导效应较弱。
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