#汇率 The export data for this year is impressive, and the certainty of RMB appreciation in the future is relatively strong. Holding USD without converting to gold does carry exchange rate risks. However, offshore RMB stablecoins are not yet significant and lack on-chain hedging channels. Fortunately, the interest rates on dollar assets are higher than those on RMB. If we consider a 2% interest rate differential, if by the end of next year the RMB exchange rate appreciates to below 6.9, then one will have to bear the exchange rate loss.

Therefore, the biggest immediate need on-chain is to find stable income channels for USD other than US Treasury bonds. However, when the market is lukewarm, arbitrage opportunities are also limited, with USD annualized rates dropping to 4.4%. We can only look forward to various new investment opportunities similar to launchpool and the warming market next year.

The central bank desires a gradual appreciation of the RMB exchange rate, with stability being the top priority. Currently, it's best to hold USD and wait.