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The Federal Reserve has implemented the second round of quantitative easing monetary policy (QE2) in November 4th 2010, which has dealt a heavy blow upon the liquidity of China.The sudden dollar overhang causes great pressure of RMB appreciation. Based on the analysis of the following chain-reactions, this paper discovers and concludes the potential transmission mechanism of how QE2 influence China’s housing price bubble. At last, related policy recommendations are proposed.