Quite interesting setup. Also below are interesting points to consider:
1. RMB vs us dollar, approx +8% gain favor RMB 2. Most commodities are priced in US dollar, a rise in RMB is comparable to a discount in metals of -8% 3. NIO selling mostly in China benefits from the strengthen of RBM 3. Commodity prices are down on average -30% from peak levels 4. Lithium prices are down on average -20% from peak levels 5. China energy inflation much lower than Europe and US