First of all, say a concept that you should already understand.

Appreciation and depreciation refer to the exchange rate change of a foreign currency, and now it refers to the exchange rate with the US dollar.

Inflation refers to the relationship between local currency, namely RMB, and commodity, namely purchasing power.

The appreciation of RMB, 1, leads to the weakening of the competitiveness of export-oriented enterprises (while the proportion of China's exports is high), the deterioration of the real economy, the increase of unemployment rate and the decline of purchasing power, which should be manifested as economic deflation.

2. The expectation of appreciation leads to the influx of hot money, and China's foreign exchange control policy must print the corresponding local currency, so there is imported inflation.

In other words, the performance of the real economy and the capital market is actually inconsistent, and even has a certain negative correlation.

The final performance is stagflation-high unemployment and high inflation.

As for the impact of depreciation, we can only rely on reasoning, because it has basically never happened in actual operation. But you can be sure that incompleteness is the antonym of appreciation, and it must be complicated. I dare not talk nonsense at my level. (Because it should be noted that although depreciation is beneficial to exports and the real economy, it is not conducive to the domestic purchasing power of foreign and imported enterprises, and hot money may not necessarily flow out, let alone make money by shorting China. )