金融开放条件下利率改革和汇率改革的协同效应分析

A Study of Harmonious Effect of Interest Rate Reform and Exchange Rate Reform in the Opening Economy

在金融开放条件下,汇率、利率与套利资本流动存在着内在联系,我国在进行汇率制度改革、货币政策改革与金融市场改革时,应注意三者协调发展和整体平衡,寻求利率政策与汇率政策之间的最佳政策组合,发挥利率改革和汇率改革的协同效应。为发挥金融改革协同效应,必须注重货币政策工具改革之间协调与配合,增强利率汇率的联动机制,积极推进与利率市场化相协调的汇率市场化形成机制,从而推动货币内外均衡进程。

In the opening economy, there is intrinsic relationship between exchange rate, interest rate and speculative capital. In the process of China＇s financial reform, we should harmonize interest rate, exchange rate and financial market reforms, and seek for optimal policies portfolio, so as to achieve harmonious effect of interest rate reform and exchange rate reform. In order to exert the harmonious effect of financial reform, we should pay attention to harmonizing the monetary policy instruments, enforcing the linkage between exchange rate and interest rate, actively accelerating the reform of market-oriental mechanism of interest rate and exchange rate, and the process of monetary equilibrium internally and externally.