Abstract: Based on monthly data from Jan 2007 to Jan 2013, this paper has three findings. First, cointegration test shows the long-run equilibrium among the new credit, interest-rate derivatives and interest rates. Secondly, VAR model implies the complementary relationship between the interest rate derivative market and credit expansion. Thirdly, the impulse response function reflects that the dynamic relationship is obviously synchronical and symmetrical. Finally, it puts forward policy recommendations.