This should be considered comprehensively, and there are many factors and conditions to be considered. First of all, it depends on the credit value of money (gold and silver reserves, currency stability, etc.) ), but also depends on the country's development level at which stage (each stage has different needs for currency appreciation and depreciation). For example, compare RMB with USD (the currency with the highest and most stable credit value in the world). In the early stage of large-scale investment promotion, the depreciation of RMB against the US dollar (pay attention to small fluctuations) is conducive to attracting foreign investment, solving domestic employment, and introducing advanced production technology and management concepts. When the domestic economy develops at a high speed and enters a slow development stage, it is best for the currency to be in a stable stage. If it appreciates in large fluctuations (which will lead to increased costs), it may cause a large number of foreign capital to withdraw, depreciate against the US dollar in large fluctuations, and the foreign debt assets held by the country in US dollars will shrink. As far as the current situation is concerned, the RMB will gradually enter the depreciation stage against the US dollar for the following reasons: First, the government has been issuing a large number of currencies in recent years (RMB is almost only used in China), thus diluting national wealth and lowering the rating of RMB; Second, China's cheap labor and low tax bonus are gradually losing momentum, which will further aggravate the withdrawal of foreign capital and at the same time allow domestic enterprises to invest abroad. The value of assets corresponding to domestic currency is far overestimated, including real estate, which needs to return to reasonable value; Third, the US dollar will gradually raise interest rates, especially at 17, which will directly lead to the global investment (including domestic and foreign investment and domestic state-owned assets) shifting to the United States, and the US economy will recover strongly. A large number of enterprises will close down in China, and the consequences can be imagined; 4. Very high domestic taxes and fees and poor economic expectations (including A shares and exchange rate) will make high-net-worth people transfer their assets to the United States and other foreign countries, which will further aggravate the risk of RMB falling. The above is my personal opinion, I hope it will help you. 17 There are still three quarters to verify the exchange rate of RMB against the US dollar, the domestic economic development trend, the general trend of the stock market, the deterioration of the employment situation, the passive suppression of real estate prices and so on.