Abstract
Based on high frequency monthly data from 1995 to 2010, this study has employed VAR model to analyze the relationship between the international crude oil prices, exchange rate and China’s crude oil imports. The Empirical results show that China’s crude oil imports has a rather stable long term relationship with the international crude oil price adjustment and the RMB exchange rate fluctuations. The international crude oil price adjustment and exchange rate fluctuations have a relatively short-time delay in terms of their impact on China’s crude oil imports; The international crude oil prices and the exchange rate of China’s imports of crude oil appear as a one-way Granger causality. China’s crude oil imports are the Granger cause of the international crude oil prices and exchange rate fluctuations.
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