1 has greatly promoted the bottoming out of traditional economies such as commodities. Investment-related commodities such as energy and raw materials are an important part of China's economy, and exports are more flexible to exchange rate changes. A small depreciation can improve external demand and promote exports.

2. It is conducive to low-end manufacturing industries such as textiles, clothing and chemicals, and is conducive to the bottoming out of China's economy;

3. It is conducive to the return of asset price bubbles such as real estate to a reasonable range. Promoting the stable and healthy development of the real estate market is conducive to economic stability and cohesion. Based on this, RMB depreciation is not a unique phenomenon in China during this period, let alone a "scourge";

4. The most direct feeling of RMB depreciation for ordinary citizens is that they spend more on traveling, shopping and studying abroad in the United States, and buy fewer items with the same money in daily life;

5. If RMB depreciates, the direct impact on China's economy will be the increase of import cost, thus inducing imported inflation. In view of the high import dependence of many important domestic raw materials and parts, the depreciation of RMB will inevitably bring price pressure to downstream and final consumer goods;

6. RMB exchange rate enters a depreciation cycle, which will prompt a large number of international capital betting on RMB appreciation to flow out of China in a short time. This will cause insufficient domestic liquidity, push up the market interest rate, and eventually lead to the decline of asset prices such as house prices and stock markets.

Reply time: 2022-0 1- 14. Please refer to the latest business changes announced by Ping An Bank in official website.