本文从利率平价理论出发，重点分析了利率市场化对跨境资本流动的影响。
This paper discusses the assumptions underlying the uncovered interest rate parity and the implications for capital flow and exchange rate management.
从理论上讲，每次放宽流动性会对一种货币产生某种负面的作用，因为它可能造成通货膨胀上升的期望，因而会改变今后的汇率购买力平价。
In theory, an easing of liquidity should have a negative impact on a currency, as it may cause inflation expectations to rise and thus alter the future purchasing power parity of the exchange rate.
从理论上讲，每次放宽流动性会对一种货币产生某种负面的作用，因为它可能造成通货膨胀上升的期望，因而会改变今后的汇率购买力平价。
In theory, an easing of liquidity should have a negative impact on a currency, as it may cause inflation expectations to rise and thus alter the future purchasing power parity of the exchange rate.
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