In order to further study the impact of monetary policy on credit risk of commercial banks in China under capital constraints,this paper selects 225 unbalanced panel data of commercial banks in China from 2007 to 2017 and uses the GMM dynamic panel model to test the empirical resultsThe conclusions showing as follows are distincive from many traditional research resultsSpecifically,under the states loose monetary policy,commercial banks credit styles are differentFor listed commercial banks,there is a significant correlation between monetary policy and credit risk;while for non listed commercial banks,there is no significant correlationThis new discovery enriches the literature on the impact of monetary policy on credit risk to a certain extent,and provides a reference for policy makers to adjust monetary and capital regulatory policies,pay attention to the characteristics of heterogeneous and bank capital adequacy,and implement differentiated monetary and capital regulatory policies.