1. The economic situation has changed. At that time, the global economy was in the rising stage of the economic cycle, and China's economy was also facing problems such as overheated investment and rising prices.
2. Market intervention. In the immature foreign exchange market in China, the China government may adjust the RMB exchange rate to influence market sentiment and expectations, so as to maintain economic stability.
3. Trade surplus. At that time, China's foreign trade surplus was relatively large, which made the market expect higher appreciation of RMB, leading to an increase in the exchange rate of RMB against the euro.