The Study On The Relation Of The Change Of RMB Exchange Rate And Savings Deposit Interest Rate

RMB exchange rate and the interest rate playing the important role as economic levers in our country's national economy are the principal means of the Central Bank monetary policy involve to domestic and the overseas financial market, the financial domain and the material domain, and the growth rate of saving deposit, the investment and consumption, the inflation rate, the growth rate of currency supplies and other macroeconomic variables. Under the multiple conduction of these macroeconomic variables, the exchange rate and the interest rate influence and restrict mutually. With the gradually opening of capital market and the increasingly opening economy, the relations between the exchange rate and the interest rate are more complex. Only then through the two close matching and the use of exchange rate-interest rate conduction mechanism, government adjusts the external economy and the internal economy at the same time, which is beneficial to resolving the finance risk and achieving the healthy, stable and balanced economic development.This article has used the method of combining normative and the empirical analysis, conducts the research to the relations between the RMB exchange rate and savings deposit interest rate in our country: Under our country's current economic system, The change of exchange rate and the savings deposit interest rate has certain mutual effect, but the impact on the change of exchange rate to the savings deposit interest rate was more notable than the one on the change of savings deposit interest rate to the exchange rate. And the exchange rate-interest rate conduction mechanism received certain hindrance, there is the conflict between the exchange rate and the interest rate policy ,and the root of conflict is lack of flexibility of the exchange rate formation mechanism and the market-oriented interest rate mechanism.. This article can be divide into several parts.The first part is an introduction. Topics on the selected conomic background, the significance, research tools and the methods, ideas and the structure arrangement and innovation. The second part is literature summaries related exchange rate and interest rate, including the overseas research literature and the domestic research literature and the evaluation of the relevant literature.The third part is the relations and theoretical model of exchange rate and interest rate. Inspected separately the influence and the model analysis of the change of interest rate to the exchange rate and the change of exchange rate to the interest rate and the Actual performance of the interest rate parity model, the exchange rate overshooting model and Mckinnon-OHNO Kenichi model in our country.The fourth part is the empirical testing of relations between the change of exchange rate and savings deposit interest rate in our country. Mainly analyzes the VAR model of both's relations.The fifth part proposed three coordinated policy suggestions to the promotion of coordinated development of the exchange rate and interest rate policy our country.