The depreciation of the RMB against the US dollar has improved the export competitiveness of China's steel products and consumable steel products. Since the beginning of this year, the monetary policies of China and the United States have been at odds. While the Federal Reserve aggressively raised interest rates, China’s monetary policy was mainly based on China, implementing a relatively loose monetary policy, cutting the reserve ratio and interest rates several times, resulting in the spread of the Sino-US currency interest rate and the depreciation pressure of the RMB against the US dollar. On September 15 this year, the exchange rate of the offshore RMB against the U.S. dollar fell below the "7" integer mark, and it also fell below the "7.2" mark recently, which is the first time since February 2008 that it has fallen below this mark.