RMB
Someone has carefully calculated this.
Before the Federal Reserve cut interest rates, 7.3 million RMB was equivalent to 1 million US dollars. If deposited for one year, the interest rate was 5.25%. After one year, it became 1.0525 million US dollars. Converted into RMB at the exchange rate at the time, it was 7.68 million, which was equivalent to a profit of 380,000 RMB.
After the Fed cuts interest rates, capital will start to flow into China. One year later, assuming that the RMB appreciates (the current exchange rate is 7.04, conservatively calculated as 7), and the US interest rate becomes 4.75%, then 1.0475 million US dollars will be converted into RMB 7.3325 million, basically no profit or loss. But if the RMB appreciates to less than 6, then it will be a loss, you can think about it carefully.