The direct consequence of the US interest rate hike is the appreciation of the US dollar and the depreciation of the RMB. This is because raising interest rates in the United States means higher deposit interest rates and more capital inflows. Then dollars can be exchanged for more RMB. With China's accession to SDR, there is little government intervention, and the exchange rate will be affected with the change of international currency exchange rate. If the United States raises interest rates, the RMB will naturally depreciate.