Impulse function test shows that FDI, surplus of processing trade and remain sum of deposit minus loan impact exchange reserve positively and persistently.

• 从脉冲响应函数来看，FDI、加工贸易和存差均对外汇储备形成持续的正向冲击，方差分解显示FDI流入量对“双顺差”贡献最大。