This article deals with the special kind of "Pian Zhi Xiang Zi" in the text of Shi Shuo Xin Yu (A New Account of Tales of the World) from two perspectives, one grammatical and the other pragmatic. From the grammat-ical perspective, we refute the traditional view that the "Pian Zhi Xiang Zi " is either a pronoun or an adverb (or a pronominal adverb), and suggest that it actually works as a verb prefix and its grammatical function is to delete the object after verb in the "Pian Zhi Xiang Zi" construction. It is the connection between the "Xiang Zi" and the deleted object that often leads to the common misconception that the "Pian Zhi Xiang Zi" stands for a deleted pronoun. From the pragmatic point of view, we argue against an assertion established by previous studies, namely, that the "Pian Zhi Xiang Zi" is a polite form in speech. By examining the data in Shi Shuo Xin Yu, we demonstrate that the sociolinguistic situations in which the "Xiang Zi" is used are far wider than a polite form of speech. It can be found in both the appreciation and criticism; it can also be found in the speech use of high status to low status, low status to high status, and between equal statuses. Thus, we conclude that the "Xiang Zi" demonstrates a pragmatic strategy which tends to show a more equal status between the agent and the object in the construction. In other words, the "Pian Zhi Xiang Zi" reflects a flexible adjustment between the social distance of the agent and the object. This flexibility raises an interesting point which deserves our attention, especially when we consider the strict social statuses in the world of Shi Shuo Xin Yu. In addition, this paper points out that since the object deleted by the "Pian Zhi Xiang Zi" construction always stands for old information, not new information, the use of "Pian Zhi Xiang Zi" is therefore even more restricted than the use of normal "Xiang Zi."