Abstract: After the global financial crisis broke out, easy monetary policy had been adopted by many countries. Though the operations and their effects were different, they would cause fluctuation of money supply and the risk of unstable inflation expectation very likely. The article first analyzed the disequilibrium increase of money supply in China aroused by the easy monetary policy in tackling the global financial crisis and the effectiveness of the monetary policy, then pointed out the opinion that China might have been confronted with the monetary policy transition. The author suggested the money two-levellization system might be the realistic choice to achieve the target of inflation control in the post crisis era.