With the Federal Reserve maintaining high-intensity rate hikes, the currencies of China, Japan, and South Korea, all major Asian economies, have been more or less affected to varying degrees, and are under increasing pressure of depreciation. The exchange rates of the Chinese renminbi (with the offshore exchange rate as a reference), the Japanese yen, and the South Korean won have all depreciated significantly with the appreciation of the U.S. dollar.

For these countries, the benefits of currency devaluation are currently far less than the damage it causes. Therefore, maintaining exchange rate stability is necessary for the respective and common interests of all of them. With its current economic stability and market size, China still has an advantage in coping with dollar shocks.