“市场看好中国，人民币有望迎5年来最强表现”

Core Viewpoint - The market's growing optimism towards Chinese assets and the economy is expected to offset concerns over US-China trade tensions, leading to the best annual performance of the Renminbi in five years [1] Group 1: Renminbi Performance - The offshore Renminbi has appreciated nearly 4% this year, supported by China's daily midpoint pricing, rising Chinese stock markets attracting capital inflows, and a weakening US dollar [1] - Analysts are optimistic about the Renminbi's trajectory, with predictions that the USD/CNY exchange rate could reach 7 by 2026 [1][4] - The People's Bank of China has recently set the Renminbi midpoint weaker than analysts' median forecasts, indicating a desire to manage the currency's appreciation [5] Group 2: Economic and Trade Context - China's strategy in the current US-China trade conflict has evolved, with a shift towards diversifying exports to "global south" countries and strengthening its position in critical supply chains like rare earths [2] - Analysts expect further Renminbi appreciation in the coming months, with predictions of the exchange rate reaching 6.95 by the end of next year [4] Group 3: Internationalization of Renminbi - Russia is set to issue its first Renminbi-denominated bonds, reflecting a significant step in the internationalization of the Renminbi and a shift towards reducing reliance on the US dollar [6][7] - The issuance of these bonds is seen as a key indicator of the evolving global financial landscape and may contribute to a structural shift away from dollar dominance [7]