A considerable amount of international capital has poured into China, playing an increasingly important role in China's economic and financial operation. Among them, the most noteworthy is the current situation, influencing factors and more potential risks and impacts of international short-term capital inflows, which makes China's nominal exchange rate deviate from the real exchange rate and the degree of RMB overvaluation continues to increase. Securities prices and real estate market are rising, and the economy is booming, but in fact financial stability is threatened; The asset-liability business of China's commercial banks is also affected, which intensifies the operational risk and market risk of China's commercial banks; The international short-term capital inflow has had an impact on China's monetary policy, mainly including the following aspects: (1) reducing the independence and initiative of monetary policy; The exchange rate policy conflicts with the interest rate policy; It increases the cost for the central bank to implement monetary policy and increases the difficulty of macro-control. Especially in recent years, the massive inflow of international short-term capital has led to the continuous rise of China's prices, which has caused inflationary pressure on China's economy. Under the current bank settlement and sale system of unconditional settlement and conditional sale of foreign exchange in China, a large increase in foreign capital inflows directly leads to an increase in foreign exchange reserves, which in turn leads to an increase in domestic money supply and ultimately to an increase in prices. Although judging from the current economic and financial situation in China, the possibility of financial crisis in China is very small. However, with the development of China's foreign economy and the continuous opening of capital account and financial business, the possibility of international capital inflow and outflow is greater, especially the outflow and inflow of international short-term capital, which will bring risks to China's macro-economy and finance.