我觉得要观察三点

第一是中国capital control 的力度。obviously it gets tighter and tighter.

第二是利率被迫上升的速度

第三是美元变强的速度

如果不凑巧的话，泡沫搞不好就破了呢？All the bubbles are similar, even it feels different at some point. Eventually they are same.