Reasonable fluctuation of RMB exchange rate can adjust China's balance of payments.
From the perspective of global market, exchange rate fluctuation is normal as a comparison between currencies, and the price mechanism must be active to play the role of resource allocation and automatic adjustment. In fact, in the past 20 years, the RMB exchange rate has been changing. Since the beginning of this year, the position of RMB in the international monetary system has been relatively stable, so it has strengthened against a basket of currencies. The future trend of RMB exchange rate depends on the fundamental short-term market supply and demand and the trend of the US dollar, which will also have a greater impact on RMB exchange rate.
The market-oriented exchange rate formation mechanism is not only conducive to the use of price leverage to adjust the balance between supply and demand, but also can play a macro role in regulating the economy and the balance of payments. As a big exporter, China has a complete range of manufacturing industries and a relatively perfect industrial system, so its export sector is relatively competitive, but its dependence on imports is moderate. Appropriate exchange rate fluctuation of RMB has a very strong regulatory effect on China's international payments.
The RMB exchange rate has basic support and strong stability.
From a macro perspective, China's current economic fundamentals are good, its economic structure is very positive, and its growth resilience is relatively strong. Therefore, the current financial situation is stable, and the overall financial risks are still under control, which provides the most basic support for the RMB exchange rate. Especially in the background that the monetary policy in developed areas such as the United States and Europe has basically turned loose, China is the only country with normal monetary policy, and its stability is relatively stronger.
In the process of dealing with exchange rate fluctuations in recent years, the People's Bank of China has also accumulated rich experience and policies, and will continue to innovate and enrich supervision in the future. We are confident, experienced and capable of taking necessary measures against possible positive feedback in the foreign exchange market to keep the RMB exchange rate fluctuating reasonably and stably.
The normal state of two-way floating exchange rate should establish a correct concept.
Reform and opening up is China's basic national policy. Foreign exchange management needs to adhere to reform and opening up and further promote cross-border trade and investment facilitation. In the past 20 years, the RMB has gone up a lot against the US dollar and a basket of currencies, but it has gone down a little. However, the people in China mainly use RMB for financial investment, so the financial security measures are relatively safe and the purchasing power is also rising steadily.
However, the RMB exchange rate may appreciate or depreciate, and two-way floating is the norm. Therefore, it is difficult for ordinary people, enterprises and financial institutions to predict the trend of exchange rate. Therefore, enterprises should focus on their own physical business, do not invest too much energy, and establish a risk-neutral financial concept when judging or speculating the exchange rate trend to cope with the uncertainty of production and operation.