2023-05-19 11:36:00
The reporter learned that on May 18, the first meeting of the China Foreign Exchange Market Steering Committee (CFXC) in 2023 was held in Beijing.
The two-way fluctuation of the RMB exchange rate has been obvious in recent days
The meeting pointed out that the recent global economic and financial situation is complicated and severe. The developed economies have high interest rates, high inflation, and high debt. Strong support has been formed, and the two-way fluctuations in the RMB exchange rate have been obvious in recent days.
my country’s foreign exchange market has the ability to balance itself
At present, my country’s macroeconomic market, balance of payments market, and foreign exchange reserves market are stable, and financial institutions, enterprises and residents have generally stable expectations for exchange rates, which are a solid foundation and strong guarantee for the smooth operation of the foreign exchange market. At the same time, the breadth and depth of my country’s foreign exchange market are expanding day by day, and it has the ability to balance independently. The RMB exchange rate also has correction forces and mechanisms, which can maintain basic stability at a reasonable and balanced level.
The People’s Bank of China and the State Administration of Foreign Exchange will curb speculation and the member units of the self-discipline mechanism will resolutely curb the sharp fluctuations in the exchange rate
In the next stage, the People’s Bank of China and the State Administration of Foreign Exchange will strengthen supervision, management, monitoring and analysis, strengthen guidance on expectations, correct pro-cyclical and unilateral behavior when necessary, and curb speculation. The member units of the self-regulatory mechanism must consciously maintain the basic stability of the foreign exchange market and resolutely restrain the fluctuations of the exchange rate. Actively implement self-regulatory norms, study and strengthen self-regulatory management of US dollar deposit business, improve the level of exchange rate hedging services for enterprises, reduce the cost of exchange rate hedging for small, medium and micro enterprises, and better serve the real economy.
1684536573
#Peoples #Bank #China #State #Administration #Foreign #Exchange #curb #speculation #hype #member #units #selfdiscipline #mechanism #resolutely #curb #fluctuations #exchange #rate_South #China #Net