新货币主义者:如果中国的房价下跌,意味着资产价格下降而负债成本上升,宏观经济的资产负债表出现失衡,政府必然会救市避免企业大量破产,以防经济硬着陆。这样企业大部分的利润都要继续还债特别是银行的债务,中国经济反而会陷入紧缩,因此人民币升值无法避免。 New Monetarists: If China’s housing prices fall, it means that asset prices have fallen and debt costs have risen. As a result, the balance sheet of the macroeconomy has become unbalanced and the government will inevitably save the market from massive bankruptcy so as to prevent a hard landing. Most of the profits of such enterprises should continue to pay off debts, especially bank debt, the Chinese economy will actually be tightened, so the appreciation of the renminbi can not be avoided.