OK, I'm sure it seems like I'm trying to qualify everything you're saying - but there are a few reasons for why we China doesn't follow any leads anymore.
They have nothing to gain/lose from a US housing slump.
They have no problems with a liquidity market.
They don't have subprime mortages.
Their earnings are increasing based on their own repidly growing economy.
They are basically, in no way paired to the US.
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