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利率市场化改革对于人民币汇率的影响
引用本文:刘颖,刘中超.利率市场化改革对于人民币汇率的影响[J].吉林金融研究,2014(8):51-55.
作者姓名:刘颖  刘中超
作者单位:中国人民银行长春中心支行,吉林长春150051
摘    要:利率与汇率作为货币资金的对内价格和对外价格,二者具有统一的价值基础,并且相互影响,相互制约,共同在金融市场的资源配置中发挥着重要的作用。利率作为货币资金的对内价格,影响着居民及企业的支出和投资,利率的变化对整个金融市场乃至整个经济生活都有不容忽视的影响。汇率作为货币资金的对外价格,是开放经济条件下,外汇市场上的核心价格变量,受外汇市场、国际收支、跨国资产组合、外汇储备等因素影响。在一国宏观经济中,利率政策和汇率政策是货币政策的重要组成部分,也是一国宏观经济调控的主要政策手段。实际上,在宏观经济运行中,尤其是开放型经济,利率与汇率存在着复杂的关系,甚至有时还存在冲突。因此,对于利率与汇率在传导机制、价值基础、政策运用方面的相互关系的研究,将更有利于发挥货币政策的宏观调控效果。近年来,随着我国的改革开放逐步向纵深方向发展,利率的市场化改革也将进入攻坚阶段。当然,利率市场化改革将对整个金融体系及经济生活产生深远影响,但本文将研究重点放在利率与汇率的联动关系进而更好的研究利率市场化改革对于人民币汇率的影响。

关 键 词:利率市场化  传导机制  三元悖论

The Interest Rate Marketization Reform for the Impact of the RMB Exchange Rate
LIU Ying,LIU Zhongchao.The Interest Rate Marketization Reform for the Impact of the RMB Exchange Rate[J].Jilin Finance Research,2014(8):51-55.
Authors:LIU Ying  LIU Zhongchao
Institution:LIU Ying ,LIU Zhongchao
Abstract:Interest rate and currency exchange rate as the price of internal and external funds prices, both of which have a uniform basic values, mutual influence, and jointly play an important role in the allocation of financial resources in the market. Interest rates as the price of internal funds, influence the spending and investment of residents and businesses. It also influence the entire financial market and the whole economic life. Exchange rate as the price of external funds, is the core price variable in the foreign exchange market. It was determined by the foreign exchange market, balance of payments, international asset portfolio, reserves and other factors. In a country's macroeconomic, interest rate and exchange rate policies consist an important part of monetary policy, they are also the main policy tool in a country's macroeconomic regulation and control. In fact, in the macroeconomic, especially in an open economy, there is a complex relationship between interest rates and exchange rate, sometimes there is conflict between them. Therefore, the study of the transmission mechanism, value basis and the application of policies of the relationship between interest rates and exchange rates, will play a more conducive macro-control effects of monetary policy. In recent years, with the development of China's reform and opening, market-oriented interest rate reform will enter a crucial stage. Of course, the interest rate reform will have a profound impact on the entire financial system and economic life, but this article will focus on the study of the linkage between interest rates and exchange rates, and than we can analyze the impact on RMB exchange rate impact better, which interest rate marketization reform has.
Keywords:Interest Rate Marketization  Transmission mechanism  Trilemma
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