This　study　explores　asymmetric　effects　of　monetary　policy　on　firm　scale　at　different　firm　size　levels.　We　find　that　Chinese　firms　respond　to　raising　benchmark　lending　interest　rates　and　deposit　reserve　requirements　by　decreasing　their　scales.　Our　quantile　regression　results　also　indicate　that　larger　firms　respond　more　strongly　to　both　policy　instruments　by　adjusting　their　scales　to　a　greater　degree　than　smaller　firms.　Moreover,　SOEs　react　less　strongly　to　policy　changes　than　non-SOEs　at　all　firm　size　distribution.　The　impact　of　monetary　policy　on　firm　scale　is　also　stronger　after　commercial　banks　having　greater　leeway　in　setting　interest　rates.　©　2018　Elsevier　B.V.