When the $RMB$ exchange rate was still more than 6.9, I saw an article by Arthur Hayes (I don’t know the person, you can follow it on Twitter), and there are several meanings:

1. Under the pressure of trade competition, the RMB will definitely depreciate, especially relative to the Japanese Yen and the US Dollar
2. The practical significance of Hong Kong's opening of the cryptocurrency market for China to avoid the risk of US dollar asset allocation
3. China's high-net-worth individuals need to use Hong Kong encrypted ETF derivatives to hedge against asset depreciation in the event of RMB depreciation
4. Participate in ETF derivatives transactions, the actual effect $BITCOIN$ In fact, it is controlled by the government. There is no difference between Hong Kong (China) and the United States. The ETF derivatives trading method only allows you to participate in the $bitcoin$ price fluctuation profit, not that you really always have bitcoin
5. This model will be replicated in more and more countries, how far the national asset allocation will make Bitcoin more and more important
I think the logic and data of this article are very convincing, at least for now, the devaluation of the first name currency is what is happening