RMB appreciation was more likely to persist at a managed pace

appreciation pressure on the RMB would persist, but the path would be managed around exports, employment and financial stability rather than replicate the yen’s rapid post-Plaza revaluation.

Research review

the RMB continued to strengthen over the following months, with the USD/RMB central parity moving gradually from around 7.17 discussed in the paper to roughly 6.72 in October—persistent in direction and orderly in pace.

Selected from research written in April 2026, with review through October 2026. These selected perspectives do not represent a complete forecast record or investment performance. Views may change and do not constitute investment advice.