Research shows that major epidemic outbreaks in history will reduce real interest rates within 10-30 years, and the impact of the new coronavirus epidemic will increase the real interest rates of corporate financing in my country within 1-5 years; active monetary policy intervention is conducive to reducing The real interest rate of corporate financing has increased, and the transformation of monetary policy to price-based regulation will help strengthen the effect of monetary policy. The policy implication is that in the face of the impact of the epidemic, we should persist in promoting the transformation of monetary policy from quantity-based regulation to price-based regulation. At the same time, in an environment where low interest rates may become the norm of the global economy in the future, we should cherish the benefits of medium-to-high-speed growth. Match the normal monetary policy space and prepare for the possible next round of external crisis response.