利率—汇率联动关系研究

Research on the relationship between interest rate and exchange rate

在开放经济条件下,一国货币市场与外汇市场逐渐融为一体。作为货币市场与外汇市场调节的两大有力工具以及中央银行货币政策的主要手段,利率与汇率在运用与传导过程中相互作用、相互影响,具有较强的联动制约关系。一般而言,利率对汇率的影响更加显著,特别是在金融开放条件下,汇率对利率的变动也越来越敏感。改革开放以来,随着我国利率体制改革的逐步深化,以及人民币汇率制度的不断完善,人民币利率与汇率之间的联系日益密切,利率变动对人民币汇率的影响也产生了变化。近年来,人民币利率与汇率关系问题已引起国内外理论界与政府有关部门的广泛关注与重视。

Under the condition of open economy, a gradually integrated. Interest rate and exchange rate, country＇ s money market and the foreign exchange market is as the two powerful tools of monetary market and foreign exchange market, are the main monetary policy of central bank, their interacted and mutual influenced during usages and transmission process, which strong ties of linkage and constraint. In generally, the impact of interest rates on the exchange rate is more significantly, especially under the conditions of open economy. Also exchange rate is increasingly sensitive to interest rates. Since the reform and opening up, by deepening reform of interest rate system gradually and the continuous improvement of the RMB exchange rate system, the exchange rate and interest rate of RMB are related increasingly. In recently years, the relationship between interest rate and exchange rate has caused widely concern and attention not only by theoretical circles in domestic and foreign countries but al- so by related government departments.