This paper is to study the relationship of exchange rate in 2005 after the reform of RMB exchange rate against the U.S. dollar and Sino US interest rate difference. Empirical results show that: the Sino US spreads IRFFR and the RMB exchange rate ER has positive Grange causality , The impact on the yuan against the dollar is greater from its preliminary data ER , a standard impact of ER on the IRFFR is very large . The funtion is large in explaining the fluctuation of ER on IRFFR . At the appropriate time further liberalization of capital market and the floating range of exchange rate are regulated. Using the market mechanism of itself inherent balance to achieve the balance on exchange rate ,interest rate and the capital market .It has become the inevitable choice.%研究的是2005年汇率改革后人民币对美元汇率与中美利率差的关系。实证分析结果表明：中美利差IRFFR与人民币对美元汇率ER之间存在正向的Grange因果关系，人民币对美元汇率ER受自身前期数据影响较大，中美利差IRFFR受ER的一个标准差的冲击影响较大。ER的波动对IRFFR的解释较高。在适当的时机进一步放开资本市场管制及汇率浮动区间，利用市场自身的平衡机制来实现汇率、利率、资本市场的内在平衡成为必然选择。
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