人民币汇率走强，A股有望迎外资“活水”

Core Viewpoint - The recent strengthening of the RMB against the USD has raised market concerns regarding the future trajectory of the RMB exchange rate and its impact on the Chinese stock market [1][2][4] Group 1: RMB Exchange Rate Trends - The onshore RMB to USD exchange rate has shown a significant upward trend since early April, recovering the "7.2" level by the end of May, with a 1.01% increase in May alone and a total increase of 1.48% since the beginning of the year [1] - The offshore RMB has mirrored this trend, rising 2.03% year-to-date as of May 28 [1] - The USD index has declined over 8% since the beginning of the year, falling from a high of 109 to below 100 [1] Group 2: Factors Influencing RMB Strength - The recent appreciation of the RMB is primarily driven by two factors: the depreciation of the USD and proactive domestic macroeconomic policies that enhance economic resilience [2] - The People's Bank of China has implemented a series of financial policies, including interest rate cuts and accelerated fiscal spending, which have provided internal support for the RMB exchange rate [2] Group 3: Impact on Chinese Stock Market - The strengthening of the RMB is expected to attract more foreign capital into the Chinese stock market, with Goldman Sachs projecting a potential 3% appreciation of the RMB against the USD over the next 12 months [4] - Historical data suggests that when the RMB appreciates, the Chinese stock market tends to perform well, aligning with trading patterns observed in other Asian emerging markets [4] - A 1% appreciation of the RMB against the USD could lead to an approximate 3% increase in returns for the Chinese stock market, assuming other conditions remain constant [4]