CoinVoice recently learned that according to Hong Kong media Ming Pao, Dessislava Aubert, senior research analyst at blockchain data company Kaiko, pointed out that since the end of September, USDT, the world's largest stablecoin pegged to the US dollar, has fallen below the base exchange rate of $1 from time to time. Hashkey CEO Weng Xiaoqi said that if traders are eager to convert funds back to legal currency, it can be inferred that they are rushing to buy Chinese stocks.

In addition to retail investors, some institutional investors have also increased their holdings of Chinese stocks. Crypto hedge fund MNNC Group said that some of its institutional investor clients have also shifted their capital allocation to Chinese stocks. On the Binance platform, each USDT can be exchanged for 6.78 to 6.98 yuan, while in the traditional currency market, the offshore RMB exchange rate against the US dollar is around 7.09. Since USDT is at a discount to the US dollar, investors may choose to buy USDT with US dollars and then convert it into RMB for arbitrage, investing funds in the Chinese stock market in exchange for higher returns.

Goldman Sachs raised its investment rating for China's stock market to "overweight" over the weekend, and expects that China's stock market still has room for growth of 15% to 18%. [Original link]