Tariff "ceiling" approaching, weak US dollar continuing, renminbi exchange rate moving towards 7.1.

As the July 9 tariff deadline approaches, the UK has successfully reached an agreement, with US President Trump recently stating that the US and Vietnam have reached a trade agreement, while other countries are still in the process. Although negotiations still have uncertainties, the structural trend of a weak US dollar remains unobstructed. On one hand, US Treasury Secretary Mnuchin believes that the Fed may cut rates in September or "earlier", with the key being that tariffs have not sparked inflation; on the other hand, with Europe implementing fiscal stimulus measures, the euro's long positions are at a high level. At the same time, the global institutions' actions to diversify funds from US dollar assets to other assets continue. As a result, the Chinese yuan continues to appreciate against the US dollar. Some foreign exchange traders have mentioned that the recent midpoint of the yuan against the dollar has not shown significant signs of being weakened, in order to ease the appreciation. Originally, institutions predicted that it would be difficult for the midpoint to break through 7.17, but as of July 3, it has risen to 7.1523. Many institutions believe that after the offshore yuan against the dollar once touched the 7.15 level, reaching 7.1 is just a matter of time. Goldman Sachs has a year-end target of 7 for the US dollar against the yuan; Barclays believes that if the US dollar against the yuan continues to fall to the range of 7.1 to 7.15, exporters holding deposits of $700 billion may have up to $100 billion possible to be exchanged.