Guokai Securities: Looking ahead, a weak dollar environment still supports the appreciation of the RMB.

Guojin Securities report stated that the three main pillars of the Renminbi exchange rate, including the US interest rate differential, policy risk premium, and purchasing power parity, are all moving in a direction favorable to appreciation, with the central bank's reference rate and foreign capital FOMO serving as additional catalysts. Looking ahead, a weak US dollar environment continues to support Renminbi appreciation, but factors such as weak export expectations and the need for domestic demand repair require the pace of appreciation to remain steady. In the future, the importance of the Renminbi exchange rate against a basket of currencies will further increase.