1. Impact of RMB appreciation on trade Generally speaking, exchange rate changes will be directly transmitted to the prices of import and export goods and services, thus affecting the import and export quantity. However, the factors that determine a country's import and export include trade targets, economic prospects, market supply and demand, finance, tax rebates, quotas and other policy adjustments. In addition, there are factors such as the elasticity of supply and demand, the time lag of exchange rate changes, and the cost of entering and leaving the market. Therefore, the impact of exchange rate changes on imports and exports will not be "one-on-one". The appreciation of RMB means that 1 USD is getting less and less RMB, so for exporters, the RMB for the same commodity export 1 USD will be reduced due to exchange rate changes. Thus affecting the profit of exporters to a certain extent. From the importer's point of view, the RMB required to buy the same 1 USD foreign goods is decreasing, that is, the import cost is decreasing and the profit is increasing. Therefore, there will be exit or decline or entry or increase. The appreciation of RMB against the US dollar will depress the profits of export enterprises. With the rise of the exchange rate of RMB against the US dollar, people pay more and more attention to the pressure it brings to domestic export enterprises. This is manifested in the fact that when the RMB greatly appreciates against a certain currency, the export growth rate of China and the issuing country (region) obviously drops, while the import growth rate obviously rises, which mainly occurs in the United States and Hong Kong. As for Japan and the European Union, since the exchange rate of RMB against the Japanese yen and the euro has not changed much, the growth rate of import and export between China and Japan is slowly rising. This is mainly determined by the acceleration of China's industrialization process and the deepening of economic globalization. Therefore, the rapid growth trend of China's trade surplus is unsustainable. This is mainly based on the above reasons: First, with the continuous appreciation of the RMB against the US dollar, the growth rate of China's exports to the United States and Hong Kong will continue to decline, and the growth rate of exports to Japan and the European Union will be slower even if it rises; Secondly, the growth rate of China's imports from the United States and Hong Kong will continue to rise rapidly, while imports from the European Union and Japan will not decline; Finally, with the deepening of the subprime mortgage crisis in the United States, the possibility of a decline in external demand is increasing. In short, as far as the overall impact of RMB exchange rate appreciation on import and export industries is concerned, the appreciation will have a negative impact on China's traditional export-oriented industries such as textiles, shoes and hats, household appliances, and industries that achieve international pricing. However, the raw materials and intermediate products in production are all from abroad, and most of the products are sold abroad. It is a large-scale enterprise. The positive and negative effects of RMB appreciation can roughly offset each other, and the impact is not great. At the same time, the appreciation of RMB exchange rate is conducive to reducing import costs, curbing domestic price increases, stimulating consumption, accelerating structural adjustment, promoting foreign investment, reducing trade frictions and building harmonious international relations. The appreciation of RMB exchange rate is a gradual process, and its long-term impact must outweigh the disadvantages.

2 Impact of RMB appreciation on employment The impact of changes in China's import and export caused by RMB appreciation on China's economy and employment is undoubtedly huge and complicated. Mainly through three transmission channels: first, exchange rate changes directly affect import and export trade; Second, exchange rate changes have an impact on the domestic commodity price index, and the adjustment of domestic commodity prices directly promotes the choice of various industrial sectors; Third, the impact of exchange rate changes on foreign investment. The above three economic variables directly or indirectly affect employment. Those industries with serious negative effects are often labor-intensive and have large employment capacity. If the RMB appreciates further, major industries that are labor-intensive and highly dependent on exports will be greatly affected. Among them, the industries with greater negative impact mainly include textiles and clothing, footwear, toys, motorcycles, furniture, lighting appliances, bicycles and other industries and agricultural industries. The industry with less negative impact is mainly the electronic information industry, which contains many sub-industries and products, mainly including computers, electronic components, electronic instruments and equipment, home audio-visual categories, communications, broadcasting equipment and other industries and products. The electronic information industry has a high proportion of exports, many employees and low profits. 2.3 The impact of RMB appreciation on China's banking industry There are a lot of hot money in China's capital market. After the appreciation of RMB, hot money will continue to pour in, and the rapid appreciation of RMB will have a great impact on the banking industry in the financial market. First of all, the accelerated appreciation of RMB will have an impact on the import and export industry. Some customers of banks, especially those engaged in export business, will have an impact on their income, and the impact on customers will indirectly affect banks. But in the face of this influence, the key depends on how banks choose customers, which can be avoided to some extent. Secondly, it also has an impact on the bank's own financial situation. Banks have foreign currency windows. After the appreciation of RMB, the value of overseas assets, especially US dollar assets, is declining, which will lead to certain exchange rate gains and losses. Finally, the impact on the bank's assets and liabilities. In the period of relative appreciation of RMB, from the perspective of deposits, people who hold foreign currency will not deposit, and foreign currency savings and foreign currency deposits are under great pressure. The influence of this point has been obvious in recent years. No matter whether the exchange rate is "against six" or "against seven", the appreciation of RMB has great influence on foreign exchange; From the aspect of loans, lenders are willing to accept foreign exchange loans, and the contradiction between the decline of bank foreign exchange deposits and the increase of foreign exchange loans is more prominent. In this way, the source of foreign exchange funds will be affected, the demand for funds will increase, and the liquidity management pressure of banks' foreign exchange funds will increase, which will also lead to a sharp increase in the foreign exchange lending rate in the interbank lending market, which will bring certain pressure to bank operations.