The Research Of China’s Asymmetric Monetary Policy

China is always using the unified monetary policy to regulate macroeconomic. However, this "one size fits all" approach can’t meet the efficiency requirements of monetary policy. It is necessary to study the asymmetry of monetary policy for China’s actual situation.In accordance with the logical framework of the Theory Review-Mechanism-Empirical Analysis-Reason Analysis-Policy Recommendations, this paper reviews the relevant research literatures and the theories of the asymmetric monetary policy, including the price stickiness theory, financial accelerator theory and the theory of optimum currency areas. After that, in order to analyze the asymmetry of monetary policy in our country comprehensively, this paper explores this question from three aspects, the economic cycle asymmetry, industrial asymmetry and regional asymmetry. The characteristics of asymmetry are illustrated by the data effectively. Using financial institutions’loans, cash in circulation (MO), narrow money supply (Ml) and broad money supply (M2) as the proxies of monetary policy and applying the time series models, VAR model and dynamic panel model, this paper verifies the existence of all the asymmetry of monetary policy mentioned above. At last, this paper explains the main reasons of asymmetry, policy suggestions were put forward for government authorities and monetary authorities on the basis of above.The main conclusions are as follows:Firstly, China’s monetary policy has the asymmetry of economic cycle, the effect of the monetary policy in boom times is significantly stronger than that in recession. Secondly, China’s monetary policy has the industrial asymmetry, under the unified monetary policy shocks, the secondary and the tertiary industries are influenced by monetary policy more significantly than the primary industry. Finally, China’s monetary policy has regional asymmetry. The impact of monetary policy on output in the central region is the largest and longest, followed by the eastern region, the impact of monetary policy on the output in the western region is the minimal and shortest.