In the past two years, the renminbi has been very strong, almost probably the strongest currency, which can be seen from the trend of the renminbi against the dollar, before the epidemic, the dollar against the renminbi was 7 blocks

In the past two years, the renminbi is very strong, almost may be the strongest currency, which can be seen from the trend of the renminbi against the dollar, you can see a rough idea, before the epidemic, the dollar against the renminbi is a little more than 7 yuan, the renminbi has been appreciating in the past two years, and now it is near 6.35, and the cumulative appreciation in two years has exceeded 10%.

This is the situation of the renminbi against the US dollar, the renminbi is already very strong, and what many people know is that the US dollar is almost the strongest compared with other major currencies in the world, which is different from people's impressions, the US dollar is not in the big water, how can it be so strong?

This is because in the case of the dollar index, the strength of the dollar is measured by the other six major currencies, in order of weight, the euro, the yen, the pound sterling, the Canadian dollar, the Swedish krona and the Swiss franc, and the euro and the yen with the highest weight, which have the highest weight, are not less than the United States in the past two years, so compared with them, the dollar is the least bad in a pile of rotten goods.

This is also the reason why the US dollar is stronger than other currencies, and our renminbi is stronger than the US dollar, so people have a thinking inertia, thinking that the RMB will be strong in the short term, and it may be stronger in the medium and long term, but it is not like this in the short term.

The dollar is ready to raise interest rates this year, while we are moderately accommodative and have cut rates slightly. In this case, the funds behind are expected to be more attractive to the INTEREST rate in the United States, so this year and next year, in the TIGHTENing cycle in the United States, the biggest pressure on the renminbi may still be reflected in the pressure of depreciation.

It is necessary to maintain the overall stability of the exchange rate and control the imported inflationary pressure brought about by the rise in commodity prices, which is a relatively big challenge in the macro this year.