the appreciation of RENMINBI is toward US dollar.

As to the house price, the upward risk is driven partly by foreign investment.

Of course, for Chinese residents, if the price goes up too fast, they will face high inflation. When the wage rate cannot keep up with the inflation, their real purchase goes down.

But when chinese residents buy US product, they may feel a bit cheaper than before due to the appreciation of renminbi

流行的说法是，人民币升值的过程中，国外资本会流入中国购买不动产，这样当一段时间后卖出不动产时，既能享受到人民币升值的好处，又能享受到不动产价格上升带来的收益。这意味着升值会加大对不动产的投资性需求。

另外，因为升值是一个过程，根据利率平价，升值可能会带来未来利率下调的预期，或者说减少加息的预期。而降息对于房地产行业来说是利好。