Chinese investors are putting money into SF real estate with the goal of exporting capital to safer havens.
Were China to choose to depreciate their currency (especially at a faster rate than they are currently) this could lead to an acceleration in attempts to export capital.
It's not clear which way this linkage works (at least to me)
The Chinese launderers are putting into SF property. In August 2015, 35% of new property in CA was bought by the Chinese (80% in Irvine alone).
If the Yuan weakens to USD, the Chinese have less buying power in the U.S. for laundering, and existing launderers will be incentivized to pull out (sell).