Issued by the Central Bank《2023Report on the Implementation of China's Monetary Policy in the Second Quarter of

8month17On the day of, the central bank issued《2023Report on the Implementation of China's Monetary Policy in the Second Quarter of.

The report states in the column "The RMB exchange rate remains basically stable at a reasonable and balanced level" that the People's Bank of Chinaforeign exchangeThe bureau attaches great importance to changes in the foreign exchange situation and actively and prudently responds to the pressure of RMB exchange rate depreciation by strengthening expected management, regulating supply and demand in the foreign exchange market, and adjusting macro prudential adjustment parameters for full scale cross-border financing. Overall, the current RMB exchange rate has not deviated from fundamentals, and the overall operation of the foreign exchange market is orderly.

The article points out that the exchange rate of the Chinese yuan reflects the price comparison relationship between the Chinese yuan and other currencies, which is influenced by various internal and external factors, with high short-term uncertainty and uncertainty, but fundamentally depends on economic fundamentals in the long run. Currently, whether viewed from external or internal factors, the RMB exchange rate will not depreciate unilaterally, but will maintain two-way fluctuations. From an external perspective, the Federal Reserve's interest rate hike is nearing its end, and the momentum for a significant rise in the US dollar is limited. From an internal perspective, the long-term fundamentals of China's economy have not changed. With the smooth economic cycle, the continuous overall improvement of China's economic operation will support the RMB exchange rate. Proportion of China's current account surplus GDP Maintain specific gravity at2%At a moderate level around, cross-border capital flows are self balanced. The balance of foreign exchange reserves remains stable at 3 Above trillions of dollars,7 At the end of the month, there was still an increase compared to the previous month, firmly ranking first in the world.

The article emphasizes that in the past few years, the exchange rate of the RMB against the US dollar has broken three times 7Three more times7 Within. In the process of dealing with multiple rounds of external shocks, the People's Bank of China and the State Administration of Foreign Exchange have accumulated rich experience and sufficient reserves of policy tools, with confidence, conditions, and ability to maintain the smooth operation of the foreign exchange market. In the next stage, the People's Bank of China and the State Administration of Foreign Exchange will resolutely implement the decisions and deployments of the Party Central Committee and the State Council, with the goal of maintaining the basic stability of the RMB exchange rate at a reasonable and balanced level. They will leverage the advantages of a managed floating exchange rate system based on market supply and demand, with reference to a basket of currencies, comprehensively implement policies and stabilize expectations, make good use of various reserve control tools, regulate the supply and demand of the foreign exchange market, and promote market cyclicality Rectify unilateral behavior and resolutely prevent the risk of exchange rate overshoot.