Success criteria

RMB’s daily return before and after the event

Explanation

Reversal

Reversal means that RMB was devaluating before the event and switched to the state of appreciation after the event.

Smoothing

Smoothing means that RMB was devaluating before the event and the depreciation mitigated after the event despite the continued trend of depreciation.

Enlarging

Enlarging means that RMB was undergoing appreciation before the event, then the appreciation continued and enlarged after the event.