With the implementation of the deposit insurance system, the process of interest rate liberalization is gradually coming to the end, which will make the interest spreads of deposits and loans narrowed.In the future, there will be significant changes in business structure of banks which would have important influence on the implementation effect of monetary policy through affecting the banks risk-taking.The relationships among the monetary policy, the bank risk-taking and the characteristics of banks were analyzed by using a dynamic model and the systematic GMM (generalized method of moments) estimation method, based on the data of 46 domestic commercial banks.The results show that banks with different features have different influence on the mechanism of bank risk-taking, and especially the affection of non-interest income is so significant that couldn't be ignored.Nowadays, under the background of interest rate liberalization, the monetary authorities should formulate differentiated monetary policy based on business structure and some other variables of banks.