汇率、利率及人民币自由兑换与中国资本市场

On Exchange Rate, Interest Rate, RMB Free Exchange and Capital Market of China

人民币汇率、利率及其自身的自由兑换是人民币的三大要素,其与中国资本市场的关系体现了中国货币市场与资本市场的关系。本文研究结果表明:不管是人民币汇率的上升,或是利率的市场化,或是人民币的自由兑换,只要其符合我国货币市场自由化和市场化的发展趋势,都将在不同时期内和不同程度上对国内资本市场的价格水平产生负面影响和向下压力。

The relationship between the three main factors of RMB (exchange rate, interest rate and its free exchange) and the capital market of China embodies the relationship between currency market and capital market. The research shows that whether the rise of exchange rates or the mercerization of interest rates or the free exchange of RMB will lower and have a negative effect on the price level of the capital market of China during different periods and in varying degrees, as long as it accords with the tendency of development of currency market liberalization and marketization.