The RMB has experienced a strong appreciation against the US dollar. On December 30, the onshore RMB directly broke through the 7.0 level, reaching a high of 6.9960, with a gain of 0.1%, hitting a new high since May 17, 2023. What does this reflect? From a trading perspective, RMB appreciation often indicates changes in international capital flows and risk appetite. For traders who focus on the global macro environment, such currency movements are worth paying attention to—they can directly impact commodity pricing, cross-border capital allocation, and subsequently influence the liquidity environment in the crypto market. Is this short-term volatility or a long-term signal? The data is here, and you can judge for yourself.