While we await the reference rate for the CNY from the People's Bank of China, this via Bloomberg:
- Dubbed the most important sector in the universe in 2011 by a UBS Group AG economist, China's real estate market employs millions, drives demand for steel, cement and glass, and underpins consumption of everything from appliances to cars. So it's a big deal that the country's push to restrain prices is now starting to slow the pace of sales and development.
- "Peak growth of the cycle is behind us," said Yao Wei, chief China economist at Societe Generale SA in Paris, citing a slump in housing sales growth, a leading indicator.
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ps. The 19th Communist Party Congress is coming up. Chillax.