The future trend will maintain stable and relatively strong characteristics

Huitong Network3month6Daily news——3month5On the same day, Yi Gang, a member of the National Committee of the Chinese People's Political Consultative Conference and Vice Governor of the Central Bank, stated that the stable position of the renminbi has significantly increased in the past decade and will continue to maintain this trend in the future, that is, it is highly reputable and has elasticity towards major currencies but overall stability. With the improvement of China's comprehensive national strength, especially labor productivity, the future trend of the renminbi will remain stable and relatively strong. He also stated that comprehensive policies will be implemented in areas such as land supply, law, taxation, and bank credit to maintain stable and healthy development of the real estate market.

Vice Governor of the People's Bank of China, Yi Gang: The RMB will remain stable and relatively strong

Adhere to the direction of market-oriented exchange rate reform
Yi Gang stated at the Economic Sub group Meeting of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) that the renminbi faced some pressure two years ago and last year. Faced with these pressures, the central bank, on the one hand, adjusted based on market supply and demand, while also referring to a basket of exchange rates, adopting a managed floating exchange rate to maintain exchange rate elasticity. The exchange rate is an automatic regulator and stabilizer of the economy, especially the balance of payments. Last year, the US dollar showed a strong trend, with currencies around the world experiencing significant adjustments relative to the US dollar, especially in developing countries. In this context, the Chinese yuan has depreciated relative to the US dollar, but overall, the depreciation is the smallest compared to other developing countries. The improvement of this mechanism indicates that a unique exchange rate formation mechanism and macroeconomic regulation mechanism with Chinese characteristics have emerged, and this mechanism is becoming increasingly mature, accumulating a lot of regulatory experience.

Yi Gang stated that maintaining the stable position of the renminbi in the global monetary system mainly includes three meanings: first, the renminbi joined last yearSDREnter the top global currency lineup. Secondly, the stable position of the renminbi has significantly increased in the past decade, and it will continue to maintain this trend in the future, that is, it is highly reputable, elastic against major currencies, but overall stable. With the improvement of China's comprehensive national strength, especially labor productivity, the future trend of the renminbi will remain stable and relatively strong. Thirdly, the internationalization of the RMB, using RMB for settlement in trade and investment, is a development trend. The internationalization of the RMB is a market-oriented and natural process.
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