汇率波动幅度加大,对投资的影响可能越发显著。对于汇率水平变化与制造业固定资产投资的研究结果表明:人民币升值对投资存在抑制效应从宏观角度来看,一个特定经济体的投资其实是在全球按照不同经济体之间的竞争力来分布的,投资总是尽可能地更多投资于预期收益率更高的经济体。实际有效汇率正是刻画一个经济体竞争力的重要统计指标之一。从微观角度来看,汇率作为相对价格形成的基础,通过价格水平影响企业 Fluctuating exchange rate volatility, the impact of investment may be more significant. The results of the research on the change of exchange rate and investment in fixed assets in manufacturing industry show that the appreciation of RMB has an inhibitory effect on investment. From a macro point of view, the investment of a particular economy is actually distributed globally according to the competitiveness among different economies , Investment always invests as much as possible in economies with higher expected rates of return. The real effective exchange rate is one of the important statistical indicators that characterize the competitiveness of an economy. From the microscopic point of view, the exchange rate as the basis for the formation of relative prices, through the price level affect the business