【中文版】

加息周期是指央行提高存贷款利率，以应对通货膨胀和促进经济发展。加息可以抑制通货膨胀，降低货币贬值的速度，从而控制物价上涨。此外，加息还可以鼓励居民增加储蓄，减少消费，以促进经济的稳定增长。

在加息周期的初期，央行会逐步提高利率，以缓解通货膨胀的压力。随着物价的逐渐稳定，央行会逐渐降低利率，以促进经济发展。在利率达到一定高度后，央行会停止加息，并开始减息，以刺激消费和投资。

加息周期对股市、债市、汇市等市场都有一定的影响。在加息周期的初期，由于货币供应减少，股市可能会下跌。但是，随着物价的逐渐稳定和经济的复苏，股市可能会逐渐上涨。债市则受到利率变动的影响，利率上升会导致债券价格下跌，而利率下降会导致债券价格上涨。汇市则受到货币供需关系的影响，加息可能会导致本币升值。

总之，加息周期是央行应对通货膨胀和促进经济发展的重要手段。央行会根据经济形势和市场反应来调整利率水平，以实现物价稳定和经济持续发展的目标。

【英文版】

What is the interest rate cycle?

The interest rate cycle refers to the central bank raising interest rates to combat inflation and promote economic development. Interest rate hikes can curb inflation, reduce the speed of currency depreciation, and thus control rising prices. In addition, interest rate hikes can encourage residents to increase savings and reduce consumption to promote stable economic growth.

In the early stages of the interest rate cycle, the central bank will gradually raise interest rates to ease inflationary pressures. As prices gradually stabilize, the central bank will gradually lower interest rates to promote economic development. When interest rates reach a certain height, the central bank will stop raising interest rates and start cutting interest rates to stimulate consumption and investment.

The interest rate cycle has a certain impact on markets such as the stock market, bond market, and foreign exchange market. In the early stages of the interest rate cycle, due to the reduction of monetary supply, the stock market may fall. However, with the gradual stabilization of prices and economic recovery, the stock market may gradually rise. The bond market is affected by interest rate changes. Rising interest rates will cause bond prices to fall, while falling interest rates will cause bond prices to rise. The foreign exchange market is affected by the supply and demand relationship of currencies. Interest rate hikes may lead to a rise in the value of domestic currency.

In summary, the interest rate cycle is an important tool for central banks to combat inflation and promote economic development. Central banks adjust interest rate levels based on economic conditions and market reactions to achieve goals of price stability and sustained economic development.