On August 30, the offshore RMB rose more than 160 basis points against the US dollar during the day, rising above the 7.08 mark, and the onshore RMB rose above 7.09 against the US dollar. On August 29, the People's Bank of China conducted an open market business spot bond buyout transaction in the form of quantity bidding, buying 400 billion yuan of special treasury bonds from the primary dealers of the open market business. The market believes that the RMB exchange rate is mainly affected by the resonance of multiple factors at home and abroad. On the domestic front, the stabilization of China's economic fundamentals, the weakening of the US dollar and the enhanced attractiveness of RMB assets are the main support points. Internationally, the Federal Reserve's interest rate cut is also expected to provide support for the RMB exchange rate. Experts said that the current round of RMB appreciation and U.S. depreciation logic is not very relevant, more related to the British hedge fund CEO statement, the RMB or 10% appreciation.