Trump takes the initiative to fluctuate! Offshore bears continue to trample, and the RMB moves towards 7.2?

On January 24th, the RMB suddenly rose by nearly 400 points today. Recently, the trend of the RMB has been completely different from what was expected. After the official inauguration of US President Trump, the RMB is on the rise. As of 16:30 on January 24th, Beijing time, the US dollar/offshore RMB was at 7.2432, and the cumulative rise on that day was nearly 400 points. Compared with the weakest position near 7.37 in January, it has risen by nearly 1,300 points. "The previous market expectations of tariffs were too high, depreciation expectations were too full, and the US dollar and RMB bulls were too crowded." Liu Yang, a foreign exchange expert and general manager of the financial marekt business department of Zheshang Zhongtuo Group, told reporters, "Some traders believe that today is just a cut, and there will still be long positions in the US dollar on 7.24. Today, the RMB did stop its rise at 7.24, so there is indeed a US dollar buying. But I think as long as the theme of the phased improvement of Sino-US relations remains unchanged, the appreciation of the RMB will not be complete. For the time being, we can look at 7.2 first, because this is the key technical point, which is just between the 200-day moving average and the 120-day moving average."