The rapid spread of COVID-19 in 2020 has brought a profound impact on the global economy and forced countries around the world to adopt different intervention measures. Has COVID-19 and these government interventions affected exchange rate volatility? To answer the question, this research explores the impact of COVID-19 and the relevant government response policies on exchange rate volatility in 20 countries during the period of January 13, 2020 to July 21, 2020 by using system GMM estimation. The empirical results indicate that an increase in confirmed cases does significantly raise exchange rate volatility. The various policies adopted by governments in response to the pandemic, such as closing schools, restrictions on internal movements, and public information campaigns also inhibit exchange rate volatility. Furthermore, the economic response policies implemented by governments during the pandemic, including income support, fiscal measures, and international aid, have a restraining effect on exchange rate volatility. Our findings herein provide valuable information and implications for policymakers and financial investors around the world.

2020年COVID-19的迅速普及对全球经济产生了深远影响，并迫使世界各国采取不同的干预措施。COVID-19和这些政府干预措施是否影响了汇率波动？为了回答这个问题，本研究使用系统GMM估算方法研究了2020年1月13日至2020年7月21日期间COVID-19和相关的政府应对政策对20个国家的汇率波动的影响。实证结果表明，确诊病例的增加确实大大增加了汇率的波动性。政府为应对大流行而采取的各种政策，例如关闭学校，限制内部流动以及开展公共宣传运动，也抑制了汇率波动。此外，大流行期间政府实施的经济应对政策，包括收入支持，财政措施和国际援助，对汇率波动具有抑制作用。我们在这里的发现为全球的决策者和金融投资者提供了有价值的信息和启示。