Recently, RMB has depreciated slightly. The Daily Telegraph says that China has secretly joined the currency depreciation war in Asia. However, ANBOUND research team points out that although joining the currency depreciation war can help to boost exportation to some extent, it will hinder RMB internationalization at the same time. Especially since RMB internationalization has accelerated this year, sharp depreciation won't help to promote the internationalization. Thus, currently, the temporary depreciation of RMB will probably be limited to some range, and sharp depreciation is unlikely to happen.