This paper builds financial conditions index for China based on large Bayesian dynamic factor model with big data techniques.The financial conditions index accurately depicts risk stress conditions in the money market between January，2001 and December，2013.We further use regime analysis，correlation analysis and ARIMA（4，1，3）model to predict the financial conditions index in the short-run and in the long-run.The results show that China’s money market operation conditions are obvious instable during 2014，the market faces a highly probability of downside risk.