Recently, the RMB has been appreciating rapidly, breaking the 7 mark both onshore and offshore, with a rise of over 4% from the low point of 7.3 six months ago. To put it in numbers: $1 million USD could buy 7.3 million RMB half a year ago, but now only 7 million, resulting in a direct loss of 300,000 RMB.

The root cause of this exchange rate fluctuation is the significant weakening of the US dollar index—nearly 10% decline this year. In comparison, the RMB against a basket of currencies, such as the CFETS index, has remained relatively stable or even slightly depreciated. In simple terms, the main pressure on the exchange rate is still a problem on the dollar side.

For those holding stablecoins, the RMB value on paper is facing depreciation. Not rushing to withdraw funds makes it easier, but friends with recent withdrawal needs are indeed facing a considerable exchange rate difference.

My own strategy is to regularly invest in mainstream cryptocurrencies like BTC, ETH, SOL, along with some financial yields to hedge. Instead of worrying about the dollar depreciation, it's better to diversify assets for growth, at least to outpace inflation, and preserving the principal is already a small victory.