I also say: first of all, the problem itself has loopholes. If the exchange rate rises only for a while and does not form a foundation, then the exchange rate rise will continue, which is a trend and an upward trend; Furthermore, this exchange rate is the exchange rate against the US dollar (at present, we devalue the euro), because the US dollar is still an international savings currency, and many comprehensive commodities in the world are denominated in US dollars, such as gold and oil. Then the question should be this: Why is the rise of RMB against the US dollar the basis of a long-term bull market? Actually, this is still dollars. For it, we have risen, so it has declined. International funds sold dollars and chose us (the rapid expansion of our country has strengthened the RMB, but this is only a good side and a bad side, so I won't say it here). When you have accumulated a large amount of RMB in your hand, not only to collect interest (now it is actually negative interest), then you have to invest it and get more income than interest, which reflects the purchasing power of RMB. But what to buy? Buy rice? Rice oil? No, these are not long-term and there is no room for appreciation. They will choose real estate, energy, strategic resources and stock market. When they rush to buy one of them, it is bound to push up its price. Real estate is already an example. However, many fields are not where you want to go, so stocks with good liquidity are the best choice (house prices are already high and liquidity is poor). Furthermore, when foreign money flows into China to realize purchasing power, some resources are temporarily scarce, which raises prices and increases the profits of listed companies. The two complement each other. So this is an important reason why the rising exchange rate of RMB against the US dollar is the basis of a long-term bull market. Furthermore, it is beneficial in the stock market, but it still has great adverse effects in other aspects. Without going into details, you can read more books on this subject. One more thing, it is not a good thing for the United States to let the renminbi appreciate. It's simple. If you don't speculate in stocks, your money will remain unchanged, but prices will rise and your money will depreciate.

The above is also my personal opinion. Some technical terms may be wrong (I am not a professional in this field), but I hope to clarify a small problem in common words.