During the Mao Zedong era, the RMB appreciated against the USD by a total of 18%, but liquidity was almost zero. With the reform and opening-up, RMB liquidity gradually increased, but the currency value took a nosedive The Hu Jintao era was the most impressive, with both liquidity and currency value strengthening. Currently, it seems like the RMB's strategy is to sacrifice liquidity to ensure a strong currency value