Will the Federal Reserve's interest rate cuts wait until after July? Will the RMB join the Asian appreciation trend?

On May 8, according to Yicai, the Federal Reserve decided to keep interest rates unchanged at the May meeting. Despite ongoing pressure from President Trump, Federal Reserve Chairman Powell chose to stand firm, clearly stating that there would be no preemptive interest rate cuts. Now, Wall Street has pushed back its predictions for interest rate cuts to July. As a result, the USD briefly rose above 100. However, the USD has still fallen more than 7% this year, and due to diminished faith in USD Assets, there has been a recent surge in the appreciation of Asian MMF, with the New Taiwan dollar, Hong Kong dollar, and others soaring against the USD. The offshore RMB also briefly crossed the critical 200-day moving average (around 7.22) against the USD this week, but several foreign bank traders told reporters that the recent counter-cyclical Indicators have significantly narrowed to -200 points (previously as high as -1000 points), indicating that as the pressure for RMB depreciation eases, the central bank seems to have no intention of pushing for a sharp appreciation of the RMB. However, with foreign investment and speculative positions betting on RMB appreciation, export companies may begin to consider whether to convert large amounts of USD deposits into RMB, which could also drive subsequent changes in the Exchange Rates.