Does short-term appreciation of RMB affect the export of sodium alginate?

Bloomberg reported that the offshore RMB (CNH) expanded its decline against the US dollar in late trading in new york, reaching the lowest level in June.

　　At 5 am Beijing time on Tuesday, CNH fell 0.13% against the US dollar to 6.7956 yuan. Traders in London said that the offshore trading volume was significantly lower than the recent daily average.

　　Onshore RMB (CNY) fell 0.03% to 6.7988 yuan against the US dollar at night; At 16: 30 Beijing time on Monday, the official closing price of RMB was 6.7981 yuan, which was almost the same as the previous trading day. On Monday, the onshore RMB trading volume increased by 29% compared with the previous trading day to US$ 24.1 billion. The exchange difference between offshore and onshore RMB has narrowed to around 30 points.

　　Traders in London said they saw leveraged accounts buying CNH. The front end of the USD /CNH risk reversal curve rose more than the back end (Figure), and the one-month risk reversal rose by 2.5 basis points to the highest point since May 24, indicating that the short-term depreciation pressure of CNH increased.

　　Shibor rose to the highest point of 4.78% since April 2015 in three months, indicating that the market will continue to worry about the financing cost between onshore banks in the coming weeks.

　　Gao Qi, strategist of Scotiabank, wrote in the report that the Bank of China will keep the market liquidity level neither tight nor loose, and the CFETS RMB index is expected to be stable around 93.

　　Note: This week, China will release the data of M2 growth in May, social financing and the total amount of new RMB loans.
Because the short-term appreciation is limited, it will not affect the export of sodium alginate.