PBOC: Addressing Global Imbalances Requires Joint Action by Both Deficit and Surplus Nations

36Kr reports that the central bank's policy stance on the RMB exchange rate indicates that global economic imbalances are the result of evolving industrial division patterns, inherent contradictions in the international monetary system, and investment-savings gaps across countries. These issues are not solely the responsibility of either deficit or surplus nations but require a collective response. The decline in trade competitiveness for some countries reflects their own structural challenges, including persistently high energy costs, elevated manufacturing expenses, lagging infrastructure development, rigid regulatory policies, insufficient investment in innovation and digitalization, and industrial path dependence that undermines domestic industries' international competitiveness.