A slowdown in prices would be welcome but a sharp fall disastrous, saddling Chinese banks with large wads of new bad loans and destroying the savings of many families.

• 价格上升放缓将受到欢迎，但降幅过大就会导致灾难性后果，将使中国各银行重新背上大批坏账，许多家庭的储蓄也将受创。