Shenwan Hongyuan: The RMB may appreciate by 2-3 percentage points annually in the next few years, and the appreciation rate will reach more than 30% in about 10 years.

Zhao Wei, chief economist at Shenwan Hongyuan Securities, predicts that the RMB will enter an appreciation cycle starting in 2025, and may appreciate by more than 30% over the next ten years, with the stock market benefiting in tandem.