The renminbi rose by 1,000 points in a single day, the largest increase in a single day.

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The renminbi rose by 1,000 points in a single day, the largest increase in a single day.

Yesterday was the first trading day after the National Day. In our foreign exchange market, the onshore renminbi exchange rate jumped by 1,000 basis points, breaking the important threshold of 6.70, setting the largest increase in a single day.

In fact, throughout the National Day period, our offshore renminbi market has been trading, and the exchange rate of offshore renminbi against the US dollar has probably appreciated by 1,000 basis points, so the jump in the opening after the holiday is understandable.

However, in just one week, the RMB can rise by 1,000 points, which is still amazing. Since the beginning of this year, the renminbi has rebounded by 4,900 points from its low point. Those who are not optimistic about China's economy and short the renminbi have basically either sold out their positions or are already in blood.

Behind this, on the one hand, of course, is the sharp depreciation of the U.S. dollar. After the Fed started the printing press, the U.S. dollar entered the depreciation range. On the other hand, there has been a large inflow of international capital into China. Since we have controlled the local epidemic, the number of people confirmed daily in Europe and America is still high, and our GDP has returned to positive growth in the second quarter, so international capital has Treat our country as a safe haven.

I still maintain my judgment on the appreciation of the RMB, and it may eventually return to the level before the 8.11 exchange rate reform in 2015, and fluctuate around the average value of 6.5 in the future.

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