The exchange rate of the Renminbi will not depreciate in the long term.

Officials from the China Banking and Insurance Regulatory Commission (CBIRC) stated that the Renminbi exchange rate will not depreciate in the long term, and advised against betting on the one-way depreciation or appreciation of the Renminbi to avoid unnecessary losses.
The fluctuation of the Renminbi exchange rate is within a reasonable range and has shown overall stability. The decline in the exchange rate is a mean reversion after a period of strength, and the appropriate correction is a normal market reflection.

The offshore Renminbi has recovered to 6.79 against the US Dollar, rebounding more than 500 points from the daily low.