How is it even possible for the Renminbi to increase against the US$ and decrease against the Euro as a result of differential trade imbalances or policy? Is this because the Chinese currency is not convertible? What is the residual trend after the (presumably independent) decline of the $ against the Euro is accounted for?

Jerôme, these are probably basic questions that you shouldn't waste your time answering in detail, but perhaps if you had any helpful links for the financially illiterate...?

PS. The housing graph: oh dear me!