China’s domestic economy has the following characteristics：firstly，China’s economy growth rate shifts from rapid to quick condition；secondly，deflation has shown，but bubble has not gone.Under this economic background，the money supply and monetary base growth is reduced，the credit growth and credit structure become more reasonable，year-on-year growth rate of social financing scale begin to fall，financial institutions deposit growth is reasonable，money market interest rate fluctuations in the second half of the year is declined obviously，the bond market index rises overall，bond issuance is expanded significantly，the stock market begin to return，foreign exchange reserve growth is reasonable. In terms of monetary policy operation，China creates new policies，such as the refinancing and the directional down policy. Looking ahead to 2015，macro policy will be more focused on the job market，monetary policy will be more focused on the long-term financial stability，guiding the interest rates and interest rate structure，China will actively promote the marketization reform of finance system.