Abstract: How monetary policy affects the liquidity creation of commercial banks has received more attention, and the development of financial technology is likely to bring new changes. Based on 149 commercial banks from 2011 to 2018, this paper studies the impact of financial technology on the liquidity creation effect of monetary policy and the heterogeneity of different banks. The results show that when the level of financial technology increases, the liquidity creation effect of monetary policy will be weakened, but the adjustment effect will not be significant until the financial technology reaches a certain level; the development of financial technology has different regulatory effects on different banks. For banks with low proportion of semi liquid assets and high proportion of demand deposits, or large state-owned banks, urban commercial banks, and rural commercial banks, financial technology will weaken the effect of monetary policy, but for other banks, the regulatory effect of financial technology is not obvious. Therefore, when using monetary policy to regulate bank liquidity creation, we should pay full attention to the influence of financial technology, and give differentiated business guidance in micro supervision.
