Group 1 - The core viewpoint of the article emphasizes China's monetary policy independence and the beginning of a revaluation of RMB assets, as indicated by the response of the central bank to the Federal Reserve's interest rate decisions [1][5] - The People's Bank of China (PBOC) has maintained the Loan Prime Rate (LPR) unchanged, signaling that China's interest rate policy is anchored to domestic economic data rather than external influences [2][3] - The PBOC's recent operations, including a net injection of 540 billion yuan through 14-day reverse repos, are viewed as a form of "invisible rate cut," aimed at stabilizing liquidity without signaling excessive easing [3][4] Group 2 - The stability of the RMB exchange rate reflects the effectiveness of the "self-directed" policy, with the RMB appreciating by 1.3% from its August low, and foreign capital inflows into A-shares reaching 22 billion USD in August [4][6] - Analysts expect a potential reserve requirement ratio (RRR) cut of 25 basis points before December, primarily to offset maturing Medium-term Lending Facility (MLF) and reduce bank funding costs, rather than a broad monetary easing [4][5] - The shift in China's monetary policy from a follower to a price setter is highlighted, as the RMB's stability and high real interest rates provide intrinsic support for RMB assets, making them increasingly important in global asset allocation [5][6]