[rrggrr]

So what? Of course China's capital outflows were huge in 2014 - so was its current account surplus. When China takes in huge amounts of foreign currency for its exports it must recycle those funds - which flow out of the country - particularly if it insists on intervening in the value of its currency (keeping it from increasing and therefore subsidizing exports). So, huge capital outflows for China doesn't necessarily mean a China-driven housing or asset bubble. It does mean the European Central Bank and Federal Reserve should have no problem continuing to sell paper.