The central bank: China has neither the need nor the intention to gain a competitive edge in international trade through currency devaluation
It is believed that the factors influencing exchange rates are diverse, such as economic growth, monetary policy, financial markets, geopolitics, and sudden risk events. By the end of 2025, driven by market forces, the exchange rate of the RMB against the US dollar broke through 7. This was mainly due to the fact that since May 2025, the economic and trade situation between China and the US has eased, the US dollar index has weakened, and the RMB exchange rate has appreciated against the US dollar.
Zou LAN pointed out that China has a super-large-scale market and a complete industrial chain. The integration of scientific and technological innovation and industrial innovation is accelerating, new growth drivers are flourishing, the potential of domestic demand is constantly being released, the domestic and international dual circulation is more unobstructed, and the macroeconomic fundamentals are long-term positive. All these provide support for the basic stability of the RMB exchange rate.
Zou LAN also said that it should be noted that the external situation remains complex and severe. The extent and pace of interest rate adjustments in major economies are still uncertain. Geopolitical shocks may persist, which will cause certain disturbances to the exchange rate trend. The RMB exchange rate is expected to continue to float in both directions and maintain flexibility.
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