【翻译】According to 21st Century Business Herald, the impact of major domestic banks lowering their US dollar deposit rates has quickly spread to the offshore foreign exchange market. As more and more overseas hedge funds realize that this move will significantly increase corporate foreign exchange settlement, they are reducing their short positions in offshore renminbi. In the eyes of these overseas hedge fund managers, this may only be the first step in "stabilizing the exchange rate." If the renminbi exchange rate continues to fall, Chinese authorities will soon take more powerful measures to stabilize the exchange rate and prevent large fluctuations. As of the time of writing, the offshore renminbi against the US dollar exchange rate (CNH) is hovering around 7.2540, up more than 300 basis points from the year-end low of 7.2855 set on the previous trading day.