摘要：汇率，作为开放经济中的核心经济变量，其波动会对一国的国内价格水平、进出口贸易、就业水平以及国际资本流动产生很大的影响。随着我国经济对外开放程度的不断加深，人民币汇率的变动更加会引起国内相关因素的变化，其中最重要的就是汇率的变动对国内价格水平的影响，两者之间是否有着很密切的联系，人民币汇率的变动究竟对我国国内价格水平有没有影响，这些都是本文的研究内容。

    本文运用计量经济学的相关模型，对人民币汇率，国内价格水平以及货币供应量进行多元线性回归，最终得出结论：人民币汇率的变动对国内物价水平有着很显著的影响，并就人民币对外升值和对内贬值即人民币汇率的提高引起国内物价水平上涨的现实现象进行了原因分析；同时还得出货币供应量的变化对国内物价水平有很显著的影响。

    最后，提出一些政策建议，主要内容是如何就我国的汇率制度进行改革和如何根据汇率对国内价格的影响来将汇率政策和货币政策协调起来实现我国的宏观经济目标。

关键词：人民币汇率   国内价格  货币供应量

Abstract:  Exchange rate, as a core variable in open economy, its fluctuation has great influences on the domestic general price level, the international trade, the employment and the international capital flow. With the continuously rising degree of China’s openness to the outside world, the fluctuation of China’s exchange rate can even lead to the domestic change in certain factors, the most important of which is the influence of exchange rate’s fluctuation on domestic general price level. Whether the two variables have close relations, and whether the fluctuation of China’s exchange rate can have an effect on the domestic price degree, all of them are what we will discuss. 

    The article uses econometrics test according to the data of China exchange rate, domestic price level and the supply of currency, finally we come to the conclusion：The fluctuation of China’s exchange rate has strong effect on the national price level. It also explains the fact that a appreciation of domestic currency will cause an increase of domestic price level；At the same time we can know that the supply of currency has strong effect on the domestic price level.

    At last, it brings forward suggestions, mainly about how to reform the national exchange rate policy and put the exchange rate policy and currency policy into action together to reach our macro-economy’s goal.

Key words：RMB exchange rate；domestic price level；supply of currency