1. Will the funds in the cryptocurrency circle flow into A-shares? If there is a money-making effect, it will definitely flow, but the proportion is not large. A-shares are T+1 and have price limits. Large funds will consider the risks of cryptocurrency deposits and withdrawals and A-share price limits, and will try to reduce risky operations. It is normal to use a small part of the funds to hunt for food when the cryptocurrency market is not good.

2. Will the funds from the US stock market be diverted to the A-share market? The funds from the US stock market are divided into Chinese capital and foreign capital. A part of the Chinese capital will flow back to the A-share market. This part of the funds has been speculating in stocks and has found better targets in the A-share market, while most of the funds will remain in the US stock market, because the US stock market also has many assets that are benchmarked against the A-share market, and some brokerages can directly exchange currency to buy A-shares. The conversion between the Chinese and US stock markets is a matter of seconds. Regarding whether foreign trade funds will flow back, there is an exchange rate issue for the return, which is uncertain. But in the long run, the RMB exchange rate will depreciate. Since the money is going to be released, the exchange rate will definitely not be maintained. The economy cannot be triangular. As for foreign capital, it also involves the exchange rate issue. There will be special entry channels, but that is long-term funds.

The main line is that the RMB exchange rate will definitely depreciate in the long run. As for how much it will depreciate, it depends on the specific intensity of monetary easing. Expectation management is a forceful interest rate cut, which is currently being implemented. It mainly depends on its sustainability.