Abstract: The shadow banking has become a hot topic in the current international society, but it’s asymmetric effect of the monetary policy is neglected by economists which is a very important issue in fact. By using CC-LM model and monthly data from 2008 to 2013 to study how the shadow banking impacts monetary policy, it can be found that the shadow banking has a significant effect on the monetary policy which has a greater weakening effect for the tightening monetary policy than the expansionary monetary policy. In other words, in spite of the asymmetric effects of monetary policy being weakened, it is not eliminated fundamentally by the existence of the shadow banking system.