On the morning of June 9, China's central bank raised the middle rate of the RMB against the U.S. dollar by 0.22%. This is the biggest single-day increase in the past one year and a half. ANBOUND research team believes that the depreciation of RMB exchange rate isn’t only because of the unilateral adjustment of the central bank. It is also because of the market’s negative perception towards China’s economy. From now on, the change of RMB exchange rate will depend on two forces. One is the policy force that China central bank raises RMB exchange rate. The other is the pressure that the market continues holding negative perception towards RMB. RMB exchange rate may fluctuate in the future, but the impulse has changed.