人民币明明被低估，为啥汇率不“疯”？

Core Viewpoint - The article discusses the undervaluation of the RMB in terms of real purchasing power and highlights the dominance of the RMB in international physical trade, despite its limited role in global settlement [1][2]. Group 1: RMB and International Trade - The RMB has become the primary currency in international physical trade, but this trade only accounts for 5% of international settlements, indicating that financial transactions are more significant [2]. - The article suggests that the U.S. has faced challenges due to its financial practices, which have led to a decline in its industrial capabilities and a reliance on foreign manufacturing [3][4]. Group 2: U.S. Financial Practices - The U.S. has historically used financial strategies, such as aggressive interest rate hikes, to maintain its economic dominance, which has adversely affected its manufacturing sector [8]. - The article argues that the U.S. financial system is unsustainable, as it relies on continuous global financial crises to sustain high growth rates [12][14]. Group 3: RMB Internationalization - The offshore RMB market has remained stable, fluctuating between 1.5 to 2 trillion, while foreign reserves have consistently been around 3 trillion, raising questions about the management of RMB internationalization [19]. - The article posits that if desired, foreign reserves could exceed 6 trillion, and increasing the offshore RMB scale to around 10 trillion is a conservative estimate [20]. Group 4: Manufacturing Focus - The article emphasizes that the primary goal should be to dominate global manufacturing, suggesting that the current dollar dominance is beneficial for this strategy [24]. - It highlights that the approach is not about immediate victories but rather about strategically undermining foreign manufacturing at the right moment [23].