In the early stage the goal of CBC operations is to control reserve currency. Because every country decreases the deposit reserve rate and the depth of direct finance is getting more popular, CBC is losing the power to dominate monetary change. When the effect of pricing is completely workable, the interest rate becomes CBC’s favorable tool in each country. That is, the channel of transmission in interest rate plays a key role in monetary policy. In this paper, there are three hypotheses, including analysis of correlation, Granger causal relationship test, and analysis of regression, to explore whether our CBC can help lead target achievement by the policy rate. Thus, this research is aimed to analyze the influence of monetary policy operations on finance and real sector based on the structure of the traditional monetary policy. In addition, we can use impulse response function and forecast error variance decomposition to know the impact on macroeconomy finance and the variance relation when the policy rate changes. This period of the study is by monthly data basis from Mar 1996 to Feb 2006. The results of the study are summarized as follows: 1、Depending on the interbank call-loan rates and excess reserve, CBC conducts open market operations. However, our financial markets can efficiently respond to the changes in CBC’s operation policies in time. Therefore CBC could change operative targets from controlling quantities to controlling prices. 2、Although all sorts of interest rates and CBC’s policy trends are said nearly unanimous, 10-year government bond yield is affected by more complex consideration factors. So CBC does not only control its yields. 3、In the future when CBC wants to regard interest rate as operating target, change in interbank call-loan rates and change on the average lending rate of the five major domestic banks represent the best short- and long-term interest rate separately in interest rate transmission mechanism of monetary policy. 4、Interbank call-loan rates affect the average lending rate of the five major domestic banks quickly and significantly. However, the relationship between the average lending rate of the five major domestic banks and stock market is insignificant, which means there is no causality between them. By means of real GDP channel, CBC’s policy intention could transfer to CPI and stock market to ensure whole transmission completely. 5、CBC adjusts interbank call-loan rates soon affect not only market or banks rates but also real GDP, CPI, and stock market. But the reaction period of various variables is not long. Therefore, the CBC has to continually conduct the above policy so that the effect can last.