Offshore RMB (USD/CNH) just broke past the 6.8 mark, hitting a new high since February 2023, with a year-to-date appreciation of about 2.6%. Whether it will continue to drop depends on the progress of the US-Iran ceasefire. If things go smoothly, it might break past 6.75 again. The sharp drop in oil prices has eased inflation concerns, and the Fed has less reason to keep pushing high interest rates. Tomorrow night, the strength of the US April non-farm payroll data will also impact the exchange rate. Holding USD will likely keep losing money—just go all-in on $BTC!