CAJ | 학술논문

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。
재개방경제조건하，일국화폐시장여외회시장축점융위일체。작위화폐시장여외회시장조절적량대유력공구이급중앙은행화폐정책적주요수단，리솔여회솔재운용여전도과정중상호작용、상호영향，구유교강적련동제약관계。일반이언，리솔대회솔적영향경가현저，특별시재금융개방조건하，회솔대리솔적변동야월래월민감。개혁개방이래，수착아국리솔체제개혁적축보심화，이급인민폐회솔제도적불단완선，인민폐리솔여회솔지간적련계일익밀절，리솔변동대인민폐회솔적영향야산생료변화。근년래，인민폐리솔여회솔관계문제이인기국내외이론계여정부유관부문적엄범관주여중시。
Under the condition of open economy, a country’s money market and the foreign exchange market is gradually integrated. Interest rate and exchange rate, as the two powerful tools of monetary market and foreign ex-change market, are the main monetary policy of central bank, their interacted and mutual influenced during usa-ges 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 in-terest 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.