The depreciation of RMB has brought trading opportunities to the gold futures market. The depreciation of RMB will increase the domestic demand for US dollars, but at the same time, gold, which is more influenced by traditional concepts and has no trading restrictions and declaration system, will also benefit. In terms of gold price, stimulated by RMB depreciation, the international gold price has returned to above $0 1 100 per ounce. The depreciation of RMB and the recovery of China's demand for physical gold will increase the price of gold settled in RMB, in other words, the premium of domestic gold price relative to international gold price will change obviously.

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From the perspective of import demand, this is not necessarily the case. First of all, RMB depreciation will make imported gold more expensive, which will obviously suppress some domestic gold import demand. Secondly, the devaluation of RMB makes the stable expectation of RMB appreciation formed in the past years a bubble, which will greatly hit the trade financing behavior with gold as the medium.

Judging from the domestic demand for physical investment, the depreciation of RMB will make the cash of domestic individual investors shrink relatively, which may strengthen their awareness of investment and financial management. At a time when A shares are falling endlessly and housing prices are high, gold is expected to become the first choice on its asset allocation list, benefiting in the medium and long term.

Public trust. RMB depreciation or stimulating China's gold demand