Abstract：
Based on VAR(4)-GARCH(1,1)-BEKK model, the authors analyze the Linkages between monetary market ,stock market, exchange market. The results show that there are significant correlations between monetary market and financial markets, and significantly mutual mean and volatility spillover effect within financial markets. So, in order to full play synergistic effect for the reform of financial, government should formulate reasonable and effective supervisory framework , central bank is supposed to coordinate the relation of exchange policy and monetary policy, promote the maroeconomic stability.
2016 
