兴业证券：人民币重估之旅刚启程 2023年来存在6%的系统性低估

Core Viewpoint - The report from Industrial Securities highlights the potential for significant appreciation of the Renminbi against the US dollar in the next 6 to 12 months, driven by contrasting monetary policies between the US and China [1] Summary by Relevant Sections - Monetary Policy Impact - The US is expected to continue a passive easing monetary policy, while China is actively stabilizing its monetary policy, which supports the trend of Renminbi appreciation [1] - Valuation Assessment - Since the beginning of 2023, the Renminbi has been approximately 6% systematically undervalued, indicating a gradual correction in the medium to long term [1]