Since the outbreak of the novel coronavirus, the renminbi has remained strong. The renminbi exchange rate against the US dollar has kept appreciating over the past two years, with a cumulative appreciation of 2.55 percent in 2021, and its exchange rate against the US dollar has surged 0.5 percent so far this year. This has been achieved even as most currencies, particularly those of emerging markets, have fallen sharply over the past year.