| Interest Rate Transmission Mechanism of Monetary Policy is a way of monetary policy, which means the changing of monetary policy will lead to the fluctuation of actual rate standard, further change of fund cost and capital need and eventually give rise to the change of total demand and total output. In the middle of1990s, China had systematically began the marketization reform on rate. The macro-situation has undergone relatively big change and monetary policy has become major means of Chinese economy policy and economy regulation. In the steady process of domestic interest rate the marketization, interest rate transmission mechanism of monetary policy will gradually replace the credit transmission and become China’s main interest rate transmission mechanism of monetary policy. In this background, interest rate transmission mechanism of monetary policy has become important issues for Chinese academics and decision-making departments. Taking reference from the practice of monetary policy transmission rate of western countries, it’s attempted to find out the conditions of interest rate transmission mechanism of monetary policy of socialist market economy and complexity of Interest Rate Transmission Mechanism and to find out the root of the problem. Therefore proper management measures on establishing and perfecting to cater China’s current interest rate transmission mechanism of monetary policy on will undoubtedly become the inevitable topic. Because it is both of theory significant and practical significant in macroeconomic control of monetary policy and promoting the perfection of China’s monetary policy transmission, but also improving the monetary policy implementation effect and promoting healthy and rapid development of national economy.Based on adequate understanding on effect analysis of interest rate marketization in national monetary policy interest rate and China’s interest rate transmission mechanism, I adopted the monetary finance theory and combined theory and empirical analysis together. First of all, analysis of on the relationship interest rate marketization and monetary policy transmission rate was made and implementation process and transmission practice of transmission mechanism of monetary policy in major interest rate marketization countries and then summed up the premise of a working interest rate mechanism. Consequently, I divided China’s monetary policy interest rate transmission into two ways, first theoretically decomposition analysis on each link in monetary policy interest rate transmission. Secondly the empirical part also divided into two paths, respectively on quantitative analysis and judgment of each link in China’s monetary policy transmission. Finally this article put forward policy suggestions to improve the effectiveness of our country interest rate transmission by finding out block in each part of the interest rate transmission, such as interest rate marketization, promotion of rural financial reform, deepening the reform of state-owned enterprises, establishment of perfect financial market, construction the modern commercial bank system, perfecting the endowment insurance system, reform of current exchange rate system and reform of the current central bank system, improvement of central bank monetary policy autonomy.Based on the research results monetary policy transmission rate both home and abroad and combined with the present situation, the establishment of econometric model and the expected innovation are shown the following two aspects:1. The monetary policy interest rate interest rate transmission mechanism are subdivided and analyzed from credit market transmission and securities market transmission. And I try to find out specific link that block China’s interest rate transmission Mechanism of monetary policy.2. Through the comparison and selection of measuring methods and combined practical monetary policy of our country, suitable measurement methodology are chosen for present monetary policy interest rate transmission of our country.
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