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RMB mounts a strong counterattack, stablecoins become "risky assets"
Over the past six months, the RMB has quietly made a comeback. Offshore RMB (CNH) has risen all the way from over 7.4 in April to 7.06, reaching a one-year high. Against the backdrop of widespread volatility among global currencies, the RMB has become one of the best-performing currencies in the Asian market.
Some are happy while others are worried. Those who once firmly believed the RMB would break 7.3 and went short have been forced to close their positions. Long-term holders of US dollars, including investors holding shadow dollars like USDT, have suffered passive "losses" (when priced in RMB).
Why is the RMB strengthening at this point in time? Can this trend continue?
Looking back, when people used to talk about RMB appreciation, the common phrase was "the central bank has intervened." However, the current round of RMB appreciation is different from previous ones...