According to Xinhua News Agency, Liu Guoqiang, vice governor of the People's Bank of China, said on May 23 that at present, China's foreign exchange market is independent and balanced, the RMB exchange rate is determined by the market, and the exchange rate is expected to be stable。
In Liu Guoqiang's view, the People's Bank of China has perfected a managed floating exchange rate system based on market supply and demand and adjusted with reference to a basket of currencies, which is suitable for China's exchange rate regime at present and in the future。In the future, the People's Bank of China will pay attention to the guidance of expectations, play the role of exchange rate adjustment macroeconomic and international balance of payments automatic stabilizer, and keep the RMB exchange rate basically stable at a reasonable and balanced level。
(Article from International Business Daily)