After a sudden drop in a single day two weeks ago, the RMB has stabilized recently and is still in the range of 7.2~7.25. It is worth mentioning that entering the second quarter, the RMB will usher in a window period of seasonal weakness, which is related to the fading of supportive factors such as corporate foreign exchange settlement at the end of the year and the beginning of the year. Liu Jie, head of macro strategy at Standard Chartered China, previously mentioned that due to factors such as corporate foreign exchange settlement, the RMB usually tends to appreciate in January every year, especially before the Lunar New Year. But by the end of the first quarter and the second quarter, the renminbi depreciated slightly in many years. Wang Qiangsong, head of the financial research department of Nanyin, also told reporters that from the perspective of seasonal factors, from 2016 ~ 2023 for 8 years, the RMB is likely to remain weak in the second quarter, and there have been fluctuations of more than 5% in many years. On the whole, RMB volatility will remain weak in the future, but the likelihood of large fluctuations is low.