中国冲销式干预的利率效应检验——基于2007-2015年的数据研究
Test of Interest Rate Effects of Sterilized Intervention in China——Data Research Based on 2007-2015

依据资产组合平衡理论，冲销式干预存在利率效应，且在资本项目开放条件下，这种利率效应负向影响冲销式干预的效果。实证表明：我国冲销式干预存在利率效应，尽管当前我国资本项目处于半开放的状态，然而，冲销式干预的利率效应已经开始影响干预效果，但这种干预最终仍是有效的。
The Portfolio Balance Model believes that sterilized intervention will lead to changes in interest rates, which is the interest rates effect of sterilized intervention. Under the condition of opening of capital projects, this kind of interest rates effect will make the effect of sterilized intervention discounted. Empirical analysis shows that, sterilized intervention in China has interest rate effect and although in the current situation that our capital projects are semi-open, the interest rates effect of sterilized intervention has begun to affect the intervention effect, but still ultimately effective.