On August 24, experts said that although the volatility of the renminbi has risen recently, it does not have the basis for long-term depreciation. The current internal and external environment is very different from that in the first half of the year, and the CNY exchange rate will not simply repeat the depreciation in the first half of the year.
Li Liuyang, a foreign exchange expert at the CICC Research Institute, said that compared with the first half of this year, the U.S. dollar index deviates farther from its long-term average, while the yuan is closer to a neutral level. Under the influence of the long-term valuation correction force, it is expected that the exchange rate of CNY against the USD will not simply repeat the depreciation in the first half of the year.