People’s Bank of China: my country’s foreign exchange market is operating normally, and the flexibility of the RMB exchange rate has been significantly enhanced
Yesterday (September 5), the State Council Information Office held a regular policy briefing. When answering a reporter’s question about the RMB exchange rate, the relevant person in charge of the People’s Bank of China said that at present, my country’s foreign exchange market is operating normally, the reform of the exchange rate system based on market supply and demand has been deepened, and the flexibility of the RMB exchange rate has been significantly enhanced.
Liu Guoqiang, deputy governor of the People’s Bank of China: At present, China’s foreign exchange market is operating normally, and cross-border capital flows are orderly. This is due to the fact that the fundamentals of China’s economy have not changed for a long time, and its economic resilience is relatively strong. Our reform of the exchange rate system based on market supply and demand has been deepened, macro-prudential management has been continuously improved, and the flexibility of the exchange rate has also been significantly enhanced, so that it can better play its role as an automatic stabilizer for macroeconomic regulation and balance of payments.
Regarding the recent depreciation of the RMB against the US dollar, Liu Guoqiang believes that it is mainly due to the increase in the US monetary policy.
Liu Guoqiang, Deputy Governor of the People’s Bank of China: The US dollar has appreciated by 14.6% this year. Against the background of the appreciation of the US dollar, other reserve currencies in the SDR (Special Drawing Rights) basket have depreciated significantly against the US dollar, and the RMB has also depreciated by about 8%. Compared with other non-dollar currencies, the depreciation is minimal. It should be said that in addition to the depreciation of the RMB against the US dollar, the value of the RMB is appreciated against non-US dollar currencies. The long-term trend of the RMB should be clear, there will be two-way fluctuations, there will be no “one-sided market”, and a reasonable, balanced and basically stable state is something we like to see and hear, and we also have strength to support it.
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