Since China central bank has announced the asymmetric interest rate cut, Yuan-Dollar exchange rate started to depreciate periodically. The bearish argument on Yuan now is increasing. In the views of ANBOUND researchers, the depreciation is caused by the relative change of various factors. The moderate depreciation can on one hand stimulate the recovery of certain export industries, and on the other hand, squeeze out part "hot cash" that is looking for interest margin. It reflects the different place of China and America in the economic cycle. So, don't fight the periodic depreciation of yuan-dollar exchange rate if the depreciation is modest.