Since entering the fourth quarter, as of December 16, the offshore and onshore Renminbi against the USD have respectively dropped by 3.89% and 3.8%. This is mainly a passive adjustment under the strengthening USD. Since October, the USD has risen by over 6%. Under the strong USD, Other non-USD currencies are generally under pressure. For example, during the same period, the euro against the USD fell by 5.6%, and the Japanese yen against the USD fell by 7.33%. In comparison, the Renminbi has shown greater resilience, with its decline much smaller than other non-USD currencies. Looking only at December, the Renminbi against the USD has shown signs of stabilizing. The factors affecting Exchange Rates are diverse, but in the medium to long term, the Renminbi's Exchange Rate movement depends on economic fundamentals. The positive state of China's economic fundamentals has played a key supportive role for the Renminbi's Exchange Rate. In the first three quarters of this year, China's GDP grew by 4.8% year-on-year, laying a solid foundation for achieving annual development goals. In November, an important leading Indicator reflecting macroeconomic operations—the China Manufacturing Purchasing Managers' Index (PMI) was at 50.3%, the highest since May, and has remained in the expansion Range for the second consecutive month, releasing Bullish Signals about economic recovery to the market. (Securities Daily)