>In the first half of 2010，China has maintained moderately loose monetary policy，which is，however，not easy as before.People’s Bank of China raised deposit reserve requirement ratio for financial institutions three times which caused money supply to contract at stable pace，guiding commercial banks to control the total amount，velocity and structure of credit，and enhancing risk monitoring and management.Banking system liquidity has been kept at moderate level.RMB exchange rate regime reform has been steadily developed，and financial system has been operated stably.However，there are some problems we need to tackle.For example，abnormal fluctuations of property price，negative real rate of interest，bear market rally，as well as systemic risk accumulation.In the second half of 2010，Chinese monetary policy should focus on the accumulative effect of the preliminary stage of the policy and continue moderately loose monetary policy with persistence and stability，enhancing policy perspectives and flexibility so as to achieve steady and fast economic growth，adjustment of economy structure and stable financial system.