Recently, there's an interesting phenomenon. The offshore RMB exchange rate has been soaring, just breaking the psychological barrier of 7.0, reaching a new high in nearly half a year. On the surface, people going abroad are cheering—exchange costs are directly reduced—but friends engaged in foreign trade are probably calculating the shrinking profits on their orders.

However, in discussions within the crypto community, the focus is entirely different. No one is debating "profit or loss"; instead, they are pondering how to play with this wave of volatility—specifically, how to capture arbitrage opportunities on-chain and identify turning points in asset allocation through macroeconomic changes.

Why focus on this appreciation? Several forces are at work simultaneously: first, the Fed's interest rate cut expectations are putting pressure on the dollar; second, the end-of-year corporate foreign exchange settlement demands create real needs; third, the economic fundamentals themselves are attracting capital inflows. When these three forces converge, they push the RMB higher.

But this doesn't mean blindly betting on the exchange rate direction. The real opportunities are more nuanced—in this macro volatility window, reasonably adjusting the overall asset allocation is key.

For USD asset holders, a feasible approach is to convert part of their USD liquidity into offshore RMB stablecoins (like CNH₮) through official channels, then invest them into high-yield DeFi protocols. What's the benefit? You can hedge against exchange rate fluctuations while continuously earning on-chain yields—covering both ends.

The same applies to crypto asset holders. The more pronounced the macro volatility, the more advantageous cross-chain stablecoins and on-chain allocation strategies become. The key is to use the right tools and choose the right timing.