利率和汇率作为国家的两个宏观经济工具，可以有效提高对经济冲击的反应能力。把握利率和汇率之间的关系有助于加深对利率和汇率作为宏观工具的作用以及使用方法的理解，从而探究国家所采用各项宏观经济政策的目的，以及进一步对政策改进提出建议。

本文主要工作是通过实证研究得出人民币利率和汇率的静态关系和动态关系。首先，选取影响利率汇率关系的重要宏观经济指标，利用 Stata 将利率 差、名义有效汇率、贸易条件、广义货币供应量、通货膨胀率差的月数据进行多元回归分析，得出利率差和汇率在长期存在均衡的正相关关系。但是由于实际的经济环境复杂多变，在第二个实证分析中继续研究人民币汇率和利率的动态联动关系。为探究两者之间的溢出关系，利用 Python 语言实现 VAR- GARCH-BEKK 模型，对外汇市场上人民币对美元的名义汇率变化率和 7 天同业拆借名义利率的变化率进行波动率分析，得出汇率和利率的变化率存在双向影响的关系。

最后，根据得出的两条结论，对我国一年内制定的货币政策进行解读，并根据经济形势和已有计划目标对政策提出切实可行的改进建议。

Interest rates and exchange rates, as two macroeconomic tools of a country, can effectively enhance its resilience to economic shocks. Grasping the relationship between interest rates and exchange rates helps deepen the understanding of their roles as macroeconomic tools and their methods of use, thereby exploring the objectives of various macroeconomic policies adopted by the country and further providing suggestions for policy improvement.

This article focuses on empirical research to determine the static and dynamic relationships between the interest rates and exchange rates of the Chinese Renminbi (RMB). Firstly, by selecting important macroeconomic indicators affecting the relationship between interest rates and exchange rates, multiple regression analysis was conducted using Stata software on monthly data of interest rate differentials, nominal effective exchange rates, trade conditions, broad money supply, and inflation rate differentials. The analysis revealed a long-term equilibrium positive correlation between interest rate differentials and exchange rates. However, due to the complex and changing economic environment, the second empirical analysis continued to study the dynamic linkage between RMB exchange rates and interest rates. To investigate the spillover relationship between the two, a VAR-GARCH- BEKK model was implemented using Python language to analyze the volatility of the nominal exchange rate changes between RMB and USD and the nominal interest rate changes of the 7-day interbank lending rate. The analysis revealed a bidirectional impact relationship between exchange rate and interest rate changes.

Finally, based on the two conclusions drawn, an interpretation of the monetary policies formulated by China within a year was provided. Practical and feasible suggestions for policy improvement were proposed based on the economic situation and existing planned objectives.