Abstract: Financial stability concerns the overall economic and financial development, so maintaining the dual stability of the real economy and the financial system has become an important task of China's macroeconomic regulation and control in the new era. Through the dynamic evaluation of China's money demand, this paper provides an evaluation benchmark for quantitative monetary policy stance, then based on this, it re-evaluates the effectiveness and asymmetric characteristics of quantitative monetary policy. The results show that, firstly, in the modern financial environment, national income, financial assets and payment innovation factors have a positive impact on money demand, while opportunity cost and currency substitution factors inhibit money demand to a certain extent; secondly, money gaps can be reasonably used to divide the stance of quantitative monetary policy, the quantitative monetary policies based on money demand and with monetary gap as indicator are overall effective, which can take into account the dual regulation of the macroeconomic and financial system; Finally, the effect of China's quantitative monetary policy has typical asymmetric characteristics, of which the tight-monetary policy has a relatively strong output effect, while the price effect and financial stability effect of the expansionary monetary policy are more significant. These research conclusions may provide useful policy enlightenment for effectively improving the effects of quantitative monetary policy in the management of inflation expectations, ensuring the stable operation of the macro economy, and effectively maintaining financial stability.

Key words: money demand, quantitative monetary policy, output effect, price effect, financial stability effect