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Between managing a slowing economy, an unstoppable capital outflow, and their foreign reserves, China has been stuck between a rock and a hard place for quite some time now. In the recent months, it seems like they have been more actively manipulating the RMB's value, although they would of course deny any such accusations. But the fact is, the RMB has been devaluing itself for some time now, with intermittent bouts of rebounds as the Chinese government injects a bit of funding to prop up the RMB value.
I can't tell you when it would stop, nor can I tell you how long each temporary (?) rebound will last. The only thing I feel fairly certain is that the RMB will continue to be unstable and probably heading down more for some time at least in the near future.
As to how that will affect our RE market, I can think of reasons for both side of the argument with no clear and convincing winner. So on that note, you'd have to rely on your own judgement.
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