On the evening of February 25th, Beijing time, according to the “Zero Hedging†website, the RMB against the US dollar has been on the rise for the past ten years, but this seemingly “deterministic†unilateral bet has reversed in the past seven days. The seven-day decline of 0.95% of the yuan actually fell the largest period since 1994, surpassing the fluctuations after Lehman’s bankruptcy. 
The devaluation of the US dollar against the renminbi against the renminbi has occurred in a relatively stable liquidity rate (the short-term repo rate is still relatively low), which further corroborates the view of Societe Generale: it is clear that the Chinese central bank is intervening, aiming Combat arbitrage trading.
For the Chinese government, they do not seem to care much about the stock market's rise and fall, because the stock market is a minority, but specifically want to control the housing bubble, the intention to depreciate the local currency is obviously trade, that is, to promote exports (maintain economic growth) because China is undergoing a period of transformation in reform.
The question is, what happens once the “determined†unilateral arbitrage transaction ends?
The devaluation of the US dollar against the renminbi against the renminbi has occurred in a relatively stable liquidity rate (the short-term repo rate is still relatively low), which further corroborates the view of Societe Generale: it is clear that the Chinese central bank is intervening, aiming Combat arbitrage trading.
For the Chinese government, they do not seem to care much about the stock market's rise and fall, because the stock market is a minority, but specifically want to control the housing bubble, the intention to depreciate the local currency is obviously trade, that is, to promote exports (maintain economic growth) because China is undergoing a period of transformation in reform.
The question is, what happens once the “determined†unilateral arbitrage transaction ends?
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