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The equity research report focuses on the market strategy for forex, specifically the RMB/USD exchange rate. China's control over the COVID-19 pandemic and strong export supply have supported the RMB, and the People's Bank of China's monetary policy has also contributed to its stability. The report notes that the PBOC raised the foreign exchange reserve requirement ratio for financial institutions to strengthen liquidity management. The report concludes that the RMB has support due to China's sound economic fundamentals and appropriate monetary policy, but Sino-US relations remain a factor to consider.