February 10 Member Morning Report: Renminbi accelerates appreciation, strongly approaching 6.9; Oracle's survival success, AI rebound

1. 【RMB Accelerates Appreciation, Approaching 6.9】 The offshore RMB exchange rate closed at 6.9152, up 149 points from the previous day. The current price has broken through the May 4, 2023 level and is approaching 6.9, with the potential to challenge the January 16, 2023 high of 6.8105.

Commentary: RMB appreciation has recently become a market focus, especially after the RMB surged last night, with the Hang Seng Index also rising in the night session, maintaining strong correlation. If you review the trend charts of the Hang Seng Index and RMB, they are moving in tandem, indicating that foreign investors are indeed optimistic about Chinese assets due to RMB appreciation expectations. This is also the root cause of the sustained bullish trend in domestic A-shares, boosting confidence. From a fundamental perspective, the RMB is relatively undervalued; 6.9 is unlikely to be the end point of this round of appreciation. The next key level to watch for the central bank’s stance is between 6.6 and 6.8. In the medium term, the RMB appreciation trend is expected to have a significant positive impact on the equity markets.