Abstract: Studying the path and extent of the impact of actual economic output and currency liquidity on international commodity prices in China，it is of great practical significance to accurately identify the relationship between the fluctuation of external commodity prices and domestic macroeconomic variables. Based on the monthly year-on-year data from January 1998 to February 2017，the paper chooses the International Commodity Price Indices of Energy and Non-Energy provided by the World Bank and uses TVP-VAR model to analyze the impact of China’s actual industrial output and bank interest rate changes on international commodity prices. The empirical results show that the impact of the changes in China’s industrial output on the energy price index is significantly greater than that of non-energy price index. Also the domestic interest rate shocks have a limited impact on the international commodity price index．Furthermore，after 2015，the impulse response function of commodity prices on China’s economic variables shows the complexity of characteristics. The relevant policy recommendations in this paper are: First，In the analysis of the impact of international commodity prices，especially energy commodity prices on China’s economy， full attention should be paid to the short-term impact of China’s industrial output and changes in bank interest rates on commodity prices; Second Under the new normal economy background，to effectively identify the time-varying characteristics and stage characteristics of the interaction between China’s factors and international commodity prices，it is important to formulate effective macroeconomic policy.

Keywords: International Commodity Price Index Growth Rate of China’s Industrial Output Bank of China’s Interest Rate TVP-VAR Model