First, this wave of RMB depreciation, on the one hand, is caused by the strength of the US dollar, rather than changes in economic fundamentals. There is no basis for RMB depreciation. At present, the RMB is lower against the US dollar, but it is relatively stable against the euro, the Japanese yen and the British pound. Compared with Venezuela and Indian Rupee, the RMB is strong.

Second, the moderate depreciation of RMB will promote the export of enterprises, the development of service industry and the appreciation of product value. Through price transmission, dollar-denominated debt is more expensive, investors reduce their holdings of US debt, the dollar strengthens, the market sells US debt faster, and funds turn to the stock market or Asian bond market with high liquidity coefficient. Reducing the cost of the real economy through price transmission is helpful to improve or promote the development of the real economy.

Third, the RMB depreciates moderately, and the US dollar appreciates or follows the Asian emerging market stock markets. Dollar-denominated debt needs liquidity support more. Once the capital escapes from the Asian market, it will lose its continuous flow and the risk of default in the US debt market will rise. Moreover, under the background of negative interest rates in Japan and Europe and zero interest rates in the United States, domestic investment income is better than that of foreign countries in terms of wealth management, property market and stock market.

Fourth, if the RMB depreciates moderately, Haitao or overseas shopping may decrease, consumers will buy products or services produced by domestic local enterprises, and the profits of domestic enterprises will increase. As long as RMB circulates in China, the vast majority of consumers will benefit.

Fifth, the moderate depreciation of RMB will help the global real estate market. After the 11th of this year, the state has made a new round of property market regulation, restricted purchases or differentiated loans, further reducing investment in the property market and promoting the healthy and stable development of the property market. Funds gradually shift from the property market to the stock market or other markets, and the marginal effect of investment decreases, giving play to the role of the market in guiding funds to flow into entities.

Sixth, since the price of crude oil is denominated in US dollars, the oil price has dropped since last year, and the economic growth rate has slowed down, so the market in China does not need so much oil imports. The decline in international crude oil prices has also reduced the fuel costs of entities, and the prices will also be reduced accordingly, such as commodity prices, some textile chemical daily necessities, clothing, daily necessities and so on. For the real economy, the costs of raw materials, factories and labor will be reduced.

Seventh, the stocks of listed companies related to the Belt and Road Initiative may usher in opportunities. Corporate brands go global, leaving global consumers in the domestic market, passing good reputation to the whole world, leaving technology, technological innovation and quality service at home, and enterprises go global, attracting global capital inflows, and RMB assets are more attractive. China's economy is not only the driving force of economic growth in Asia and even the world.

To sum up, this round of moderate RMB depreciation may not have an impact on China's economy and market. Finally, in the words of economist Li Yining, it doesn't matter if the RMB depreciates a little, as long as it is within the range of the degree, it doesn't matter much.