招商宏观：9月或为人民币汇率升值的观察窗口，若人民币汇率重回6时代，中国资产或迎全面重估

Core Viewpoint - The report from招商宏观 suggests that September may present an opportunity for the appreciation of the RMB, particularly if the Federal Reserve lowers interest rates as expected [1] Group 1: Monetary Policy and Currency Dynamics - The increase in RMB settlement scale last September was attributed to the Federal Reserve's interest rate cut, indicating a potential pattern for this year if similar actions are taken [1] - The expectation of the Federal Reserve restarting interest rate cuts has led to a narrowing of the interest rate differential between China and the U.S., which may improve the alignment of monetary policy cycles [1] Group 2: Economic Implications - The implementation of anti-involution policies could significantly enhance the competitive landscape for Chinese enterprises [1] - A potential return of the RMB to the 6 range, combined with the appreciation of the effective exchange rate, is likely to increase the attractiveness of Chinese equity assets, particularly for foreign long-only investments [1] - The anticipated influx of foreign capital could strengthen inflation and domestic demand strategies, leading to a comprehensive revaluation of Chinese assets, especially in consumer and domestic demand sectors [1]