This year, the central bank raised the deposit reserve ratio five times and adjusted the benchmark interest rate for deposits and loans once, all of which show that the central bank is trying to keep the liquidity supply and liquidity of the banking system reasonable. In the future, the central bank will pay close attention to the price trend and continue to use these traditional monetary policy tools flexibly and effectively. In the current economic environment, there are obvious deviations in the monetary policy objectives of some countries. Under the impact of the huge financial crisis, stimulating recovery, increasing employment and restoring economic growth have become the primary goals of monetary policy. Although inflation is not a threat in the short term during the period of slow economic recovery, it is difficult to determine the impact of long-term low interest rates and large-scale quantitative easing policies on long-term inflation. Loose monetary policy has two obvious results, namely, currency depreciation and pushing up commodity prices. The impact of these two results on future inflation and how to transmit them are worthy of attention. Globalization has strengthened the spillover effect of monetary policies in major developed countries, and the spillover effect of systemically important national policies has obviously expanded. Generally speaking, under the framework of the current international monetary system, international capital flows driven by policies and interests have procyclical effects and negative spillover effects on emerging market countries, while they have countercyclical effects and positive feedback effects on developed economies. In this case, there is a model of active choice and passive acceptance of policies. In addition to the long-term inflation risk, there are two factors to consider: first, whether people's confidence in their monetary policy and currency will continue to lose; Second, the current situation may cover up the deep-seated imbalance and make it sustainable, which will have a certain impact on the sustainability and stability of global growth. Facing the complicated situation, China needs to consider introducing a new policy tool, that is, establishing a macro-prudential management framework. First, using macro-prudential tools to further effectively smooth economic cycle fluctuations, especially taking counter-cyclical policy measures in time; Second, take prudent management measures for departments that may cause systemic risks, such as the real estate market and local government financing platforms; Third, consider bringing capital inflows into the macro-prudential management framework. In addition to the traditional supervision, inspection and restriction measures, we can consider managing the bank's balance sheet to achieve the purpose of coping with capital flows.