First of all, the price of crude oil itself is affected by the dollar: the dollar rises and crude oil falls; The dollar fell and crude oil rose. In short, there is a negative correlation between the dollar and crude oil. However, RMB and USD are convertible varieties. When the renminbi depreciates, the nominal value of the dollar will rise, while when the value of the dollar rises, the price of crude oil will fall.

Because the RMB is subject to strict foreign exchange control, when the RMB depreciates, the impact on the international foreign exchange market under the principle of free market is actually very small. Therefore, it is not established to transmit the sharp drop in international crude oil prices through the US dollar.

However, domestic crude oil investment varieties are all quoted in RMB. With the devaluation of RMB, the crude oil originally from 600 yuan/barrel suddenly turned into 700 yuan, 800 yuan or even more, because money is worthless.

Therefore, it can be seen from the quotation trend that RMB depreciates, international crude oil prices remain unchanged, and domestic crude oil prices rise.