Here’s my personal take—might not be right, but here it goes. First off, it’s highly unlikely there will be any rate hikes this year. In fact, I’m 100% sure the U.S. will shift from a tightening cycle to an easing cycle—it’s just a matter of time. As for the USD exchange rate, it mainly depends on relative interest rates and relative economic performance, not just how low U.S. interest rates are. Low rates increase the probability of USD depreciation, but it’s not a given. Even if we anticipate the USD exchange rate to keep dropping, I’d still recommend friends and family allocate some USD and foreign currency assets. The main reason isn’t to hedge against exchange rate losses, but for risk diversification. If you’re really looking to play the exchange rate game, I think you can focus on the USD and EUR exchange rates. On the other hand, for currencies from countries with strict controls, no matter how good they seem, I personally wouldn’t recommend them. All in all, I suggest allocating a portion of your portfolio to highly liquid foreign currencies and foreign currency assets that can be freely exchanged and used across borders. As for the USD-RMB exchange rate fluctuations, honestly, I couldn’t care less.