Why China's inflation rate is higher than the United States, but RMB appreciation against the dollar When the RMB exchange rate rises, China still has a surplus in international payments

Why China's inflation rate is higher than the United States, but RMB appreciation against the dollar When the RMB exchange rate rises, China still has a surplus in international payments

These two problems just show that the RMB exchange rate is still undervalued under the control of the central bank (managed floating exchange rate). Problem 1: under the current fundamental conditions, the RMB exchange rate is determined by the market supply and demand of the US dollar and the people in China, while the market supply and demand is determined by the direction of short-term capital net flow