One way to put it: When real estate drove the economy in the past, currency and social financing were important. But now that the manufacturing industry drives the economy, social financing and currency factors are no longer important, and the exchange rate is the most important. This is also the biggest difference between China and Japan - Japan has lost 30 years. The core reason why Japan has been unable to recover in 30 years is that Japan's exchange rate is greatly overvalued, and the strength of the exchange rate offsets monetary easing. The advantage for China now is that it can recover its economy through the rapid depreciation of the renminbi.
Only Bitcoin can travel through bulls and bears.
