Translated by ChatGPT, edited by Sinocism.com.

Source: Xinhua | October 8, 2026

As an important price in financial markets, the renminbi exchange rate has long attracted attention from all quarters, and discussion has increased recently. The People’s Bank of China’s policy position on the renminbi exchange rate is set out below.

人民币汇率作为金融市场的一个重要价格，长期以来一直备受各界关注，近期讨论有所增多。现将中国人民银行关于人民币汇率的政策立场阐明如下。

● China implements a managed floating exchange-rate system based on market supply and demand and adjusted with reference to a basket of currencies, and allows the market to play the decisive role in exchange-rate formation.

● 中国实施以市场供求为基础、参考一篮子货币进行调节、有管理的浮动汇率制度，坚持让市场在汇率形成中发挥决定性作用。

● Over the past two decades and more, the renminbi exchange rate has moved in both directions. Since 2010, it has gone through multiple cycles of appreciation and depreciation, with two-way movement becoming more pronounced and flexibility increasing.

● 过去二十多年，人民币汇率双向浮动；2010年以来，人民币汇率经历了多轮升贬值周期，双向浮动特征更加明显，弹性增强。

● The growth of China’s trade is rooted in the improvement of its industries’ international competitiveness. China has neither the need nor the intention to obtain a trade advantage through exchange-rate depreciation, and it never engages in competitive currency devaluation.

● 中国贸易发展根源于产业国际竞争力的提升，中国没有必要，也无意通过汇率贬值获取贸易竞争优势，从不搞竞争性货币贬值。

● Exchange rates are affected by many factors—including economic growth, monetary policy, financial markets, geopolitics, and sudden risk events—and there is no simple linear relationship between exchange rates and the current account.

● 汇率受经济增长、货币政策、金融市场、地缘政治、突发风险事件等多种因素影响，与经常账户不存在简单线性关系。

● International methods for assessing equilibrium exchange-rate levels remain immature. Using individual assessment findings as “official evidence” that the renminbi is undervalued is a distortion and misuse of those findings.

● 国际上有关汇率均衡水平的评估方法尚不成熟，将个别评估结论作为人民币汇率低估的“官方依据”，是对评估结果的曲解和误用。

● Global economic imbalances are closely related to the evolution of the global division of labor, inherent contradictions in the international monetary system, and some countries’ long-running high fiscal deficits and high consumption, and all parties need to work together to address them. Simply attributing a country’s declining industrial competitiveness, weakening fiscal discipline, and complex structural problems to another country’s exchange rate is an attempt to shirk and evade responsibility for its own adjustment.

● 全球经济失衡与全球分工格局演进、国际货币体系固有矛盾、部分国家长期高财政赤字高消费等密切相关，需要各方共同推动解决。将本国产业竞争力下降、财经约束弱化和复杂结构性问题简单归因他国汇率，是对自身调整责任的推诿和回避。

● China has made positive contributions to multiple rounds of dynamic rebalancing in the global economy. During the 15th Five-Year Plan period, China will continue to transform its model of economic growth, expand domestic demand, improve the business environment, deepen high-standard opening, and promote the development of the global economy in a more open, inclusive, and balanced direction.

● 中国为全球经济多轮动态平衡作出积极贡献，“十五五”期间，将坚持推进经济增长方式转型，扩大内需，完善营商环境，深化高水平对外开放，促进全球经济向更加开放、包容、平衡的方向发展。

I. China’s Exchange-Rate Regime