Since the financial reform in China, the interest rate market has gradually penetrated,and the interest rate transmission effect has become increasingly apparent.The measurement analysis confirms this judgment. In the long term,interest rates and fixed assets investment, the number of loans between the cointegration relationship obey McKinnon hypothesis; from the short term, the actual lending rate on the fixed. The role of asset investment has also been revealed. This result shows that interest rates have a significant effect on the guidance and regulation of the lending market. Interest rate marketization will help the healthy development of financial market, interest rate market conditions are basically mature, should further promote the pace of interest rate liberalization.

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