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Goldman Sachs strategists said that the Chinese stock market is expected to benefit from further appreciation of the renminbi; the renminbi has shown resilience in the China-US trade dispute. Strategists such as Kinger Lau wrote in a report on Monday that for every 1% increase in the renminbi against the US dollar, it could drive a 3% increase in the Chinese stock market, thanks to factors such as improving profit prospects for enterprises and increased inflow of foreign capital. Earlier this month, Goldman Sachs raised its 12-month forecast for the renminbi against the US dollar from 7.35 to 7.