On March 7, according to data from the General Administration of Customs, China exported 831,000 cars from January to February 2024, a year-on-year increase of 21.85%; China imported 103,000 cars from January to February, a year-on-year decrease of 2.83%.

The onshore and offshore RMB exchange rates against the U.S. dollar both fell below the important mark of 7.3, triggering heated discussions in the market. Since the end of July, the RMB exchange rate against the US dollar has continued to depreciate, breaking through the 7.2 and 7.3 levels from around 7.13. This makes people curious. From the end of June to the end of July, the RMB exchange rate still rebounded. Why did the appreciation trend only last for nearly a month and then turn downward? What factors led to the reversal in July and August?