As of press release, the offshore RMB rose against the US dollar on a short-term basis, breaking the 6.77 mark and now reporting 6.7686; The onshore RMB against the US dollar also once recovered the 6.77 mark to 6.7674, now at 6.7728. The Securities Times reported that, as a global currency, the weakness of the dollar index will have a profound impact on the global financial market and economic cycle. As far as the financial market is concerned, many analysts pointed out that the current US dollar has entered a weak cycle, which will support the gold price and some emerging market currencies represented by RMB; At the same time, the strength of the RMB exchange rate will also enhance the attractiveness of RMB assets, and the continuous inflow of foreign capital will form a certain support for the domestic stock market and bond market. Guan Tao, the global chief economist of BOC Securities, pointed out to the client of Sino Singapore Jingwei that the RMB exchange rate has changed from undervaluation to balanced rationality. He pointed out that the appreciation trend of the RMB has not been established yet. In view of many uncertain and unstable factors, it is still too early to talk about a new cycle; At least it is more certain that even if the RMB appreciates, with the increased flexibility of the exchange rate mechanism, the appreciation may be a big opening rather than a small step. Li Haijing, a private banking investment consultant of Hengfeng Bank, believes that in the short term, the trend of decline of the US dollar is hard to change under the new monetary policy framework, and the appreciation of the RMB may continue for some time. However, in the context of the approaching US election, such periodic devaluation pressures as Sino US trade frictions and severe global epidemic prevention and control situation still exist. In the medium and long term, the RMB has a solid foundation. On the one hand, the improvement of the internationalization level of the RMB and the great increase of the attractiveness of RMB assets are becoming important factors to promote the appreciation of the RMB; On the other hand, China's economic strength, institutional dividend, scientific and technological innovation and other factors that help the economy to basically face the right direction will provide key support for the medium - and long-term appreciation of the RMB.