21社论丨增强外汇市场韧性，稳定市场预期

Group 1 - The recent strengthening of the RMB exchange rate is attributed to a combination of internal and external factors, including a weakening US dollar index and favorable economic conditions in China [1][2] - The US dollar index has declined nearly 10% this year, creating a supportive environment for the appreciation of non-USD currencies, including the RMB [1] - The People's Bank of China emphasizes the importance of stabilizing market expectations and preventing one-sided trends in the RMB exchange rate, indicating readiness for counter-cyclical adjustments [4] Group 2 - The supply of foreign exchange from the real economy has provided short-term support for the RMB's appreciation, with banks reporting a cumulative settlement surplus for seven consecutive months [2] - China's economic resilience and proactive medium- to long-term policies, including more active fiscal and monetary policies, are fundamental supports for the RMB's strength [2] - The strengthening RMB enhances the value of RMB-denominated financial assets, positively impacting China's stock and bond markets, while also affecting import and export businesses differently [3][4]