Institutional undercurrents at the PBoC

Governor Zhou Xiaochuan will be a tough act to follow

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

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