This reasoning would hold as long as covered interest rate parity held, so that offshore forward foreign exchange rates just reflect interest rate differentials. 只要备兑利率评价理论成立,该推理就成立,这样海外远期外汇汇率就只能反应利率差额。
After explaining the covered and uncovered Interest Rate Parity theory, the author uses them to examine the RMB ' exchange rate again, and come to a conclusion as the same as the previous PPP theory. 在介绍了抛补利率平价和未抛补利率平价理论(CIP)之后,也对人民币汇率进行了实证分析,同样得出了利率平价对汇率变动的解释能力较差的结论。