Governor of the People's Bank of China: China has no need or intention to gain trade competitive advantage through currency depreciation

On March 6th, Pan Gongsheng, Governor of the People's Bank of China, said at the economic themed press conference of the Fourth Session of the 14th National People's Congress that the appreciation of the RMB against the US dollar this year is related to the sustained improvement of China's economy, the overall weakening of the US dollar index, and seasonal settlement of enterprises. Currently, the bilateral exchange rate level of the RMB against the US dollar is in the median range of recent years. China has no need or intention of gaining trade competitive advantage through currency depreciation. The position of the People's Bank of China has always been clear, insisting on the decisive role of the market in the formation of exchange rates, maintaining exchange rate flexibility, strengthening expectation guidance, and maintaining the basic stability of the RMB exchange rate at a reasonable and balanced level.