CITIC Securities: Looking ahead to a one-year timeframe, three major factors support the Renminbi.

CITIC Securities report states that since April, the renminbi has experienced two waves of appreciation. The first wave of appreciation was due to the weakening of the US dollar, and the second wave was due to the reevaluation of renminbi-denominated assets. Looking ahead over the course of a year, three major factors support the renminbi: global re-balancing of assets, the resilience of Chinese exports, and the strength of Chinese risk assets.