利率平价模型是金融学领域中关于短期汇率的决定模型，然而现有的相关研究表明该模型在中国的表现并不明显，主要是由于国内实行了较严的资本管制。本文以人民币兑美元汇率为例，使用1999年至2017年的宏观数据，以汇率体制为依据，将样本分成两个阶段，分别通过EG-ADF两步法进行协整检验。结果表明，近年来利率平价关系在中国的表现逐渐明显，模型的适用性不断增强，这与中国实行浮动汇率体制、资本流动性增强有很密切的关系。然而，利率平价关系相对于长期均衡路径来说仍有较大的偏离，主要是受到资本管制和投资风险的影响

Interest rate parity model is an important model to explain the short-term exchange rate. However, the studies show that the adaptedness of interest rate parity is not as obvious as we thought in China, mainly because of the stricter capital control. This paper uses the data of USD/RMB from 1999 to 2017 and divides the sample into two stages based on the exchange rate system, and uses the EG-ADF method to carry out the co-integration test. We will show that the performance of interest rate parity in China has gradually become obvious in recent years, and the adaptedness of the model has been increasing, which is closely related to the implementation of floating exchange rate system and the enhancement of capital liquidity in China. However, the model shows that there is also some deviation in the long-term equilibrium path, affected by the capital control and investment risk.