On June 29, the RMB depreciated 206 points against the US dollar, to 6.6166, the lowest since December 13, 2017. So far, the exchange rate of RMB against the US dollar has depreciated by 3.5% in the first half of the year, and the adjustment speed and range have exceeded market expectations. Financial industry analysts pointed out that the devaluation of the RMB exchange rate is good for the export-oriented industries in the short term.

Zhang Zhihong, an analyst with China Merchants Securities and petrochemicals, said that the devaluation of RMB would increase the purchasing cost of import enterprises, but it would be good for export-oriented chemical enterprises, which could reduce costs and enhance export competitiveness.

"For example, the export of fertilizer industry, diammonium phosphate, compound fertilizer and phosphate ore will be stimulated with the devaluation of RMB. It is expected that the export volume of fertilizer will be further enlarged due to the depreciation of RMB. " Zhang Zhihong said.

"Devaluation of RMB is good for enterprises. After all, our overseas income is more than 50%. The impact of the devaluation of the RMB on profits is mainly reflected in the export of products and assets denominated in US dollars. " June 28, Zhejiang Longsheng Group Co., Ltd. Securities Department staff told reporters.

Ding Meng, a macro and foreign exchange analyst at Bank of China London branch, pointed out that in the near future, the RMB exchange rate continued to weaken, mainly driven by the strong and volatile US dollar index. Compared with a basket of currencies, it was basically stable. The so-called view that the RMB has entered the devaluation track is not tenable at present.