Currently, the market has almost fully priced in a September rate cut by the Federal Reserve, and global central bank monetary policies are set to enter a new phase this autumn. How will the global foreign exchange market adjust in September? Analyst Li Ni of Ping An Bank's Ping An Risk Avoidance strategy believes that there's a high probability of a 25 basis point rate cut by the Fed in September, and the US dollar is likely to remain strong in the mid-term. The Bank of Japan's monetary policy is gradually normalizing, with the mid-term outlook for the yen expected to recover its valuation. The elasticity of the RMB's central parity rate against the US dollar is increasing, and a substantial appreciation of the RMB still requires internal cooperation. (First Financial News)