Arbitrage is also called "interest arbitrage". There are two main forms: (1) no arbitrage. That is, using the interest rate difference between the capital markets of the two countries, short-term funds will be transferred from the low interest rate market to the high interest rate market to obtain spread income. (2) arbitrage. That is to say, the arbitrageurs use forward foreign exchange transactions to avoid the risk of exchange rate changes while transferring short-term funds from place A to place B for arbitrage. Arbitrage will change the relationship between supply and demand in different capital markets, make the short-term capital interest rates in different places tend to be consistent, narrow the difference between the spot exchange rate and the forward exchange rate of money, and keep the balance between the interest rate difference in the capital market and the exchange rate difference in the foreign exchange market, thus objectively strengthening the integration of international financial markets.