首先,我们抽离掉其他因素,单单考虑汇率和房价二者的关系,二者变化是同向的还是反向的?资本流动,同向变动。汇率对房价的影响主要是通过影响资本流动实现的。对于一个资本自由流动的经济体,当汇率具有贬值预期时,资本流出会导致国内资产价格下跌,房价也不例外。作为全球货币的锚,美元的走势以及美联储的货币政策,对于全球特别是新兴经济体的资本流动具有重要影响,这也是在诸多国际案例得到验证的。但更多情形下,房价和汇率都要受到其他因素的共同影响。最核心的是经济绩效, First, we draw aside other factors, just consider the relationship between the exchange rate and the price, the two changes are the same or reverse? Capital flows, the same change. The impact of exchange rate on housing prices is mainly achieved through the impact on capital flows. For a free-flowing capital economy, when the exchange rate has a devaluation expectation, the outflow of capital will lead to a fall in the prices of domestic assets, and the prices of houses will be no exception. As the anchor of global currency, the trend of the U.S. dollar and the monetary policy of the Federal Reserve have a significant impact on the capital flow in the world, especially in the emerging economies. This is also verified in many international cases. In more cases, however, both the price and the exchange rate should be affected by other factors. The core is economic performance,