In short, because the RTSS made cross-border capital movements much easier, short-term flows have become a major factor in determining the RMB’s exchange rate. External shocks affect the offshore exchange rate first, and then feed through to the onshore exchange rate.
简言之，因为RTSS的出现，跨国资本流动变得更加容易，短期流动成为决定人民币汇率的主要因素。外部冲击首先影响离岸市场，然后影响在岸汇率。