文章选取了一定期间内离岸与在岸人民币市场上的汇率与利率的日度数据，并基于此研究了利率与汇率两个变量之间的相关关系。首先得到了无论是在离岸人民币市场还是在岸市场，利率平价关系都不能显著成立的结论，推测是由于离岸与在岸人民币市场无法满足利率平价关系的前提条件，并且我国人民币市场化进程还不够彻底。为了能够更加深入了解人民币市场上的利率与汇率之间的关系，本文利用了一些实证检验方法在E-views中进行了相关的检验和分析，发现二者之间不存在显著的相关关系，但总体上离岸市场上的人民币利率与汇率之间存在的相关关系在一定程度上要强于在岸人民币市场，同时市场上的美元利率与美元兑人民币汇率之间存在的相关关系强于人民币利率与汇率之间的关系。文章因此提出要继续推进人民币市场化和国际化，加强市场上的信息传导关系,加强市场上的资金流动性，促进金融市场的稳定发展。

Based on the daily data of the interest rate and exchange rate in offshore and onshore RMB markets, the paper studies the relation between interest rate and exchange rate. Firstly the paper comes to a conclusion that the interest rate parity has been rejected both in offshore and onshore markets, which may be attributed to the strict preconditions that can’t be satisfied in RMB markets and the imperfect marketization of the RMB market. In order to better understand the relation, the paper then carries out the empirical analyses using ADF test, Granger test, and VAR model. What the study finds out is that there is no significant correlation between interest rate and exchange rate, but overall the relation in offshore market is stronger than that in onshore market using RMB interest rate, and the relation in offshore market using USD interest rate is stronger than that using RMB interest rate. Therefore the paper points out that it’s necessary to go on with the marketization and internationalization of the RMB and increase the fund liquidity, so that the financial market can realize the sound and steady development.