根据汇率决定理论中的国际借贷说和资产组合分析法，国际收支会影响汇率水平

According to the theory of international lending and asset portfolio analysis in the theory of exchange rate determination, the balance of payments affects the level of exchange rates. According to the international lending theory, the exchange rate is determined by the supply and demand of foreign exchange, and the supply and demand of foreign exchange are generated by international lending. Therefore, the international lending relationship is the main factor affecting the exchange rate changes. Foreign exchange supply and demand is determined by the debt and debt relationship between the two countries caused by international trade and capital flow. Only when the current borrowings are equal, the foreign exchange supply is also equal, and the foreign exchange rate remains stable; when the current claims are greater than the current debt, the foreign exchange supply exceeds demand, The foreign exchange rate fell; when the current claims were less than the current debt, the foreign exchange supply was less than the demand and the foreign exchange rate increased. The asset portfolio analysis method believes that the return and risk of assets will affect the choice of holding assets. Krugman's dynamic local asset portfolio model also shows that the balance of payments is an important channel for oil prices to affect exchange rates.

According to the international lending theory and portfolio analysis in the theory of exchange rate decision, the balance of payments will affect the exchange rate level. International lending says that exchange rates are determined by the supply and demand of foreign exchange, while foreign exchange supply and demand are generated by international borrowing, so international lending relations are the main factors affecting exchange rate changes. The supply and demand of foreign exchange is determined by the relationship between the two countries' creditor's rights and debts caused by international trade and capital flows, only when the liquidity is equal, the foreign exchange supply is equal and the foreign exchange rate remains stable; The portfolio analysis method holds that the return and risk of assets will affect the choice of holding assets, and Krugman's dynamic local portfolio model also shows that the balance of payments is an important channel for oil prices to influence exchange rates.

According to the theory of international loan and portfolio analysis, the balance of payments will affect the exchange rate. According to the international lending theory, the exchange rate is determined by the supply and demand of foreign exchange, while the supply and demand of foreign exchange are generated by international lending, so the international lending relationship is the main factor affecting the exchange rate change. The supply and demand of foreign exchange is determined by the creditor's rights and debts relationship between the two countries caused by international trade and capital flow. Only when the current loan is equal, the foreign exchange supply is equal, and the foreign exchange rate remains stable; when the current creditor's right is greater than the current debt, the foreign exchange supply is greater than the demand, and the foreign exchange rate falls; when the current creditor's right is less than the current debt, the foreign exchange supply is less than the demand, and the foreign exchange rate rises. According to portfolio analysis, the return and risk of assets will affect the choice of holding assets. Krugman's dynamic partial portfolio model also shows that balance of payments is an important channel for oil price to affect exchange rate<br>