Behind this phenomenon, the real point of interest is not the numbers themselves, but how the market is re-pricing.

Speaking of which, many people are still viewing the issue through the 2018 mindset. Back then, the pressure to increase taxes was indeed high, and depreciation strategies also played a buffering role. But that was passive defense—lowering prices to maintain market share. Now, the situation has reversed: the export structure has completely changed. In sectors like automobiles, new energy, and high-end equipment—areas with strong hard power—competitors have long fallen behind the pace.

Think about it, if you still cling to the strategy of undervaluing the exchange rate, you're essentially begging with a golden rice bowl—completely unnecessary.

The data is clear: in the first 11 months, the trade surplus exceeded 1 trillion USD, cross-border capital inflows and outflows increased by 14% over half a year, and the surplus grew by 30% year-on-year. What does this indicate? Global buyers simply cannot do without this supply chain. The small difference in the exchange rate has long been covered by the resilience of the industrial chain.

International institutions estimate that the RMB is undervalued by 20%-30%. I think this figure might even be conservative. The market's reaction this time is not primarily about economic data changing, but about collective psychological recalibration—once the psychological threshold of "breaking 7" is crossed, the behavior patterns of foreign capital will be completely different.

Now, look at what various capital flows are doing. It's not just for yields; more importantly, they are reconstructing expectations about the global financial landscape. This shift in psychological accounts has a much deeper impact than mere exchange rate fluctuations.