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1. RMB exchange rate has appreciated significantly! RMB exchange rate has risen rapidly in just two days, with the increase reaching 500 basis points, from 7.18 to 7.13.

I think this leap was actually foreshadowed. The RMB exchange rate has found its bottom after a round of strong rise, and 7.3 has been confirmed to be a solid support level for the offshore RMB. This level has withstood the test of the market three times, so it feels very strong.

In addition, the appreciation of the RMB has also been positively affected by the external environment, especially the continued decline of the US dollar index, which is not unrelated to the Federal Reserve's interest rate cut policy.

According to the latest inflation data, the US inflation rate has fallen back to 2%, and the market generally predicts that the Federal Reserve will cut interest rates for the first time this year in September. Once this happens, the RMB exchange rate is expected to be further stabilized and appreciated!

2. It has been nearly five years since the establishment of the Science and Technology Innovation Board, during which it has only seen two small-scale bull markets, and its performance is not as good as that of the ChiNext.

This situation is mainly attributed to two factors: first, the Science and Technology Innovation Board has set a threshold, which limits the participation of some funds; second, the overall market environment has not been ideal in recent years, which has also affected the bull market of the Science and Technology Innovation Board.