汇率贬值股市涨，这次不一样？

Exchange Rate and Market Dynamics - Recent fluctuations in the offshore RMB have seen it appreciate to around 7.08 in mid-September before dropping below 7.14[3] - The RMB's recent depreciation is more pronounced compared to the USD's movements, indicating a shift in the RMB's elasticity[4] - The RMB has shown a "pro-cyclical" behavior, appreciating when the USD is under pressure and depreciating when the USD rebounds[4] Policy and Market Analysis - The People's Bank of China (PBOC) has shifted its stance on the RMB, moving from a focus on stability to allowing greater elasticity post the May negotiations with the US[5] - Recent policy adjustments by the PBOC aim to stabilize the currency while managing economic pressures, avoiding excessive appreciation of the RMB[5] - The influx of southbound capital has increased RMB liquidity, contributing to a lower offshore RMB interest rate compared to the Hong Kong Interbank Offered Rate (HIBOR)[6] Risk Factors - Potential risks include significant changes in US trade policies and unexpected tariff expansions that could lead to a global economic slowdown[6]