20 15 we can objectively and simply say that the money interest rate is positively related to the foreign exchange market and negatively related to the stock market; The foreign exchange market and the stock market are also negatively correlated.

Financial liberalization has promoted financial development, and financial development has promoted economic growth; On the other hand, financial liberalization has aggravated financial fragility, and the crisis caused by financial fragility has promoted economic recession. This is the duality of financial liberalization. Theoretical and empirical analysis shows that the benefits of financial liberalization outweigh the risks, so we should agree with financial liberalization. In practice, due to the pressure of economic and financial globalization, financial liberalization is a process that has to be taken. Therefore, financial liberalization must be promoted. The optimal policy arrangement of financial liberalization will reduce its vulnerability and increase its income, so we should pay attention to the way of financial liberalization. These are also applicable to the practice of financial marketization in China.