Exchange rate disequilibrium and adjustment will affect the price of real estate by liquidity effect, expectation effect, wealth effect, spill-over effect, and credit expansion or depression effect.

汇率失衡及其调整，通过流动性效应、预期效应、财富效应、溢出效应以及信贷扩张或收缩效应等影响房地产价格。

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The bears concede that losses may stay that way for a while, but argue that a huge, government-ordered expansion of bank credit over the past two years in response to the crisis must eventually produce vast losses.

ECONOMIST: China's banks