From the historical data, the adjustment time of SDR currency basket coincides with the appreciation cycle of the US dollar, and the strong US dollar leads to the depreciation of currencies of various countries after joining SDR. At present, the US dollar has once again entered the appreciation cycle, and the RMB will remain weak after joining SDR. Increasing exchange rate fluctuation will be the theme of RMB exchange rate operation in the future. With the loosening of the policy, the new funds will be mainly invested in the domestic inter-bank bond market, which will depress the yield of government bonds. The Japanese yen, the British pound, the French franc and the mark all joined the SDR with the stock market rising. In the long run, RMB-denominated stocks will become an indispensable part of the global fund portfolio, benefiting stable blue-chip value stocks. After the yen, the dollar and the euro became reserve currencies, the bond markets in Japan, the United States and the euro zone rose sharply.

foreign investors prefer treasury bonds and financial bonds (high transparency, good liquidity and low risk). China's bond market will usher in great development and gradually connect with the world. Since mid-214, the appreciation of the US dollar has intensified, and China's cross-border capital has flowed out (negative growth in foreign exchange holdings, continuous deficit in bank settlement and sale of foreign exchange and payment on behalf of customers), and it has become the second largest foreign investor in the world. With abundant domestic liquidity and stable recovery momentum in the United States, dollar assets are sought after by more domestic investors.