Monetary policy will also have a certain impact on the exchange rate, especially the adjustment of interest rate will have an impact on the exchange rate from several aspects: affecting the attractiveness of the country's currency, affecting the stock market and bond market, and stimulating the economy.

In the long run, there is a significant positive long-term equilibrium relationship between RMB exchange rate changes and price fluctuations in A-share, B-share, H-share and fund markets. The change of RMB exchange rate has the greatest positive impact on the H-share market price, mainly because the appreciation of RMB has greatly changed the value of overseas funds to China assets. H-shares in Hong Kong market are the best choice for investors, and their share prices are relatively low compared with A-shares and H-shares, so RMB appreciation has the strongest impetus to H-shares. Followed by B-share market price and A-share market price; The promotion of fund market price is relatively insignificant, mainly because fund investment pays more attention to stable income, and the influence of exchange rate changes on investors' decision-making is not as obvious as that of exchange rate on the market prices of H shares, B shares and A shares.

In addition, there is no significant long-term equilibrium relationship between RMB exchange rate changes and bond market price fluctuations, mainly because RMB appreciation can provide a source of funds for the bond market in the short term, but long-term bond market price changes depend on macroeconomic and money market policies and expectations.