Abstract: After China′s economic development has entered the new normal, in order to adapt to the development strategy of supply side reform, the mode and policy of money supply have changed fundamentally: from the basis of hedging foreign exchange to the basis of domestic capital factor, and began to implement structural monetary policy to regulate liquidity.On the basis of sorting out the current implementation framework of China′s monetary policy, this paper discusses the structural regulatory role of monetary policy, uses VAR model to divide the structural monetary policy into quantitative type and interest rate oriented type, and empirically analyzes the effects of the two types of monetary policy on economic growth, interest rate fluctuation, total market value of listed companies and price level.The results show that the effect of interest-rate oriented policy is stronger than quantitative monetary policy, so it is necessary to select multiple policy combinations flexibly according to different backgrounds and policy objectives in order to achieve the best implementation effect.

Key words: assets revaluation, monetary policy framework, structural monetary policy, monetary policy implementation