In response to the exchange rate and trade that the market is paying more attention to, Zhang Wenlang, chief macro analyst at the CICC Research Department, believes that it is impossible to draw a conclusion that the RMB exchange rate is clearly undervalued from the rise in trade surpluses. China's trade surplus and the RMB exchange rate are both affected by economic transformation, and there is no significant causal relationship between the two.

In response to the exchange rate and trade that the market is paying more attention to, Zhang Wenlang, chief macro analyst at the CICC Research Department, believes that it is impossible to draw a conclusion that the RMB exchange rate is clearly undervalued from the rise in trade surpluses. China's trade surplus and the RMB exchange rate are both affected by economic transformation, and there is no significant causal relationship between the two.