This sentence is limited and one-sided.

The reason why a sharp appreciation of the RMB will bring about a bull market in the capital market is because a sharp appreciation of the RMB will drive up the rate of return on domestic assets and will bring in a large amount of international capital for speculation, which is the hot money we often heard about in previous years.

However, a sharp appreciation of the RMB will also lead to a sharp increase in foreign trade costs, leading to a decline in profits from my country's manufacturing industry. Therefore, my country's capital will also tend to flow out of the real economy and enter the capital market for speculation.

Only those foreign investors who invest in setting up factories and invest in the real economy are funds based on long-term operations. The funds that come in to speculate on asset appreciation and then cash out at high levels are hot money. The financial crises that have occurred in various countries around the world over the years have

Many of them are caused by the excessive appreciation of the local currency. Domestic capital begins to separate from the real economy and enter the capital market for speculation. Coupled with the influx of international hot money, it pushes up asset prices and finally cashes out at high levels, leading to the financial crisis caused by the bursting of asset bubbles.

From a long-term perspective, RMB appreciation is the mainstream, and depreciation is only a phased phenomenon, which is consistent with the development of China's economic strength and other comprehensive strength.

The RMB appreciation cycle actually corresponds to the process of continuous improvement of China's comprehensive national strength.

However, everything has two sides. Economic development is a good thing for some people because there are more opportunities to make money and it becomes easier to make money. But for some people, it will only make life more and more difficult.

For ordinary people, the appreciation of the RMB means that the money in their hands is more valuable, and it will be more cost-effective if you travel, study, and shop abroad.

Because the same money can be exchanged for more dollars and can buy more goods and services.

However, the appreciation of the RMB during the epidemic has great disadvantages.

The spread of trade disputes to the financial sector is not good news. The recent issue is to deal with new tariffs and stabilize the large number of jobs behind the export industry.

Facing external pressure in the short to medium term, there may be the possibility of further depreciation, but this will lead to an accelerated withdrawal of foreign investment and the transfer of industrial chains, which will also prevent jobs from being saved.

In short, everything must be considered from both sides. Regarding the appreciation of the RMB, we must assess the situation and try our best to safeguard national interests and the interests of the people.