Market, Currencies and some Financial Politics... A good read

The international foreign exchange market has always been the main battlefield in the financial war between China and the United States. If A-shares in recent years have impressed all global investors, then the performance of the offshore RMB exchange rate market has been a bit disappointing.
However, there is a huge disagreement in the market as to whether the depreciation of the RMB is passive or active. Everyone has different views. For foreign exchange speculators, unilaterally betting on the long-term depreciation and appreciation of the RMB is a thankless task. However, for the country and foreign trade companies, the depreciation of the RMB can indeed offset the negative impact of tariffs.