It is not difficult to restrain the RMB exchange rate from rising;
Directly declare the RMB exchange rate higher against the US dollar, and adopt capital relaxation measures, such as increasing the circulation of paper money, lowering the deposit reserve and lowering the discount rate.
On the contrary, if there is downward pressure on the RMB exchange rate, it is difficult to curb the decline of the RMB exchange rate, mainly because the capital policy is tight and sufficient foreign exchange reserves are needed to absorb the sold RMB. However, China is not a freely convertible currency market, so there is little pressure on people who have been selling RMB in large quantities.