PBOC: Future RMB Exchange Rate Will Not Be Deliberately Appreciated or Depreciated

The People's Bank of China released a policy stance document on the RMB exchange rate on the 8th, comprehensively and systematically outlining its position for the first time. Given the high attention surrounding the RMB exchange rate, the PBOC reiterated in this document that China adheres to allowing the market to play a decisive role in exchange rate formation. China implements a market-based exchange rate regime and has completely ceased routine intervention since 2017. The future RMB exchange rate will not be deliberately appreciated or depreciated. We will continue to respect the market, uphold the baseline, avoid gamesmanship, and shun gimmicks; this represents the most core and certain trend for the RMB exchange rate in the coming years. (CCTV News)