2005年7月人民币汇率形成机制改革以来,在人民币快速升值的同时,中国对外贸易顺差反而不断扩大,从而出现了“人民币升值背景下贸易顺差大幅上升之谜”。本文从不完全汇率传递的视角对这一现象给出了合理的解释。 Since the reform of the RMB exchange rate formation mechanism in July 2005, while the rapid appreciation of the renminbi has taken place, China’s foreign trade surpluses have steadily expanded, resulting in the “mystery of a sharp rise in the trade surplus under the background of RMB appreciation.” This article gives a reasonable explanation of this phenomenon from the perspective of incomplete exchange rate transfer.