Although China has repeatedly claimed that it has not manipulated the RMB exchange rate, no one believes it, and anyone who knows a little about economics can think of it. Not much to say here. RMB is a fixed exchange rate, and the exchange rate is set by the government. The market economy in western countries adopts floating exchange rate, which is determined by market demand.

The exchange rate you mentioned is different. There is no free convertibility of RMB and foreign exchange in China, and there are no related financial derivatives such as futures, options and swaps to avoid risks. However, foreign traders need to use these means to avoid risks. These businesses are generally conducted in markets with high openness and effective supervision, such as Singapore's foreign exchange market and New York's financial market! So the exchange rate is different from that of China. For example, Singapore launched the Shanghai and Shenzhen 300 index futures earlier than China, and the United States had RMB futures trading as early as the 1980s!