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Study on the Impact of the U .S .Interest Rate Policy on Chinses Interest Rate Policy
Pages: 69-75,83
Year: Issue:  6
Journal: Journal of Fujian School of Administration and Fujian Institute of Economics and Management

Keyword:  Interest rate policyInterest rate parityInterest rate interaction;
Abstract: Based on the interest rate parity theory and literature review ,this paper studies the im-pact of adjustment of the U .S .interest rate policy on Chinese interest rate policy changes by consider-ing the gradual opening up of China’s capital account and selecting monthly data in 2007 .10-2013 .6as the sample and establishing error correction model .T he results show :there is a long-term dependency between Chineseinterest rate policy and the United States interest rate policy .The adjustment of the U .S .interest rate policy will makeChineseinterest rate policy adjust in the same direction .Restrictions on capital flows have a significant effect on Chinese interest rate while the expectation of the USD ap-preciation has no significant influence statistically .Short-term factors has impact on Chinese interest rate in the same direction .The error correction coefficient is negative and it is in line with reverse ad-justment mechanism .Finally ,some relevant policy recommendations are put forward .
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