In the latter half of 2016, it seems that the People's Bank of China (PBoC) has been sandwiched by issues at home and abroad. The surge of real-estate prices raises grave concerns of an asset price bubble. As a result, a dominant part of new bank credit has been flowing to the household sector rather than the real economy. Externally, the imminent prospect of a rate hike by the Fed and sluggish growth at home have also sent the yuan's