汇率政策与利率水平传导机制的研究

In the free capital and currency convertibility, the money market and foreign exchange market influence each other. There is effective transmission mechanism between the exchanging rate and interest rate. According to the concept of the exchange rate policy, this paper, with the help of the interest rate parity model, pointed out that the relationship between the effective interest rate and exchanging rate transmission mechanism has not yet formed in China. Then this paper analysised its causes and to proposed policy to the transmission mechanism of the RMB exchange rate policy recommendations.