If you buy a fund with RMB, the fund company will get RMB, convert it into US dollars at the exchange rate, and then invest in the US stock market. Buying American-related funds depends not only on the index trend, but also on the exchange rate between the US dollar and RMB. The appreciation of RMB is conducive to purchase, and the depreciation of RMB is conducive to redemption.

Exchange rate refers to the exchange rate between two currencies, and can also be regarded as the value of one country's currency against another's currency.