10 years, the RMB has been appreciating against the US dollar until 20 14, 1 to 6: 1. In fact, in almost ten years, the RMB has actually appreciated by 30% to 40% against the US dollar, and such appreciation itself constitutes the adjustment pressure of the RMB. What's more, the US dollar index has appreciated from 70 in 2008 to around 65,438+000 in 2065,438+05, with an increase of almost 40% in seven years. With such a big increase, before the devaluation in 2065,438+05, the RMB appreciated by 65,438+03% to 65,438+06% against the US dollar. It is conceivable how much the RMB has appreciated against other currencies. In this case, how can the RMB not accumulate downward pressure?

The second is the depreciation pressure brought about by the slowdown in economic growth.

China's economic growth slowed down from the previous 10% to 6.9% in 20 15 years. With such a big drop, the strong rise of the currency will naturally come to an end, and the adjustment pressure will naturally come. Therefore, with such a large increase in the exchange rate, if the economic growth slows down again, the exchange rate will inevitably have depreciation pressure.

Third, the Fed is expected to raise interest rates.

The expectation of the Fed's interest rate hike has brought the expectation of the appreciation of the US dollar. With China's economic growth slowing down and its currency greatly appreciating, the expectation of depreciation is inevitable.

Fourth, the central bank actively released the downward momentum.

In the past, RMB accumulated a great downward momentum, which was due to the existence of exchange rate control in the past, and the restrictions on the rise and fall were relatively dead. At that time, the RMB exchange rate policy was more caused by the US dollar as a currency anchor. At present, the fluctuation of RMB lending is limited, and the central bank keeps lowering the middle price, which is also a measure for the Bank of China to release the kinetic energy of RMB depreciation.