There are indeed many countries manipulating exchange rates, and there are also many national-level operations in the international capital market. At present, it seems that basically everyone is willing to make moves without malicious manipulation. Zhu pushed the exchange rate of the US dollar against RMB to 1: 8, achieving a soft landing of the economy and endorsing Hong Kong to help tide over the financial crisis. From these aspects, the mainland will feel that there is no such thing, but the international community does not think so, because it harms the interests of other countries. A small example, please point out what is wrong. Moreover, in the 1980s, the highest value of RMB against the US dollar reached 1.5 to 1.

Secondly, the exchange rate should be determined by the market. Countries that say that China manipulates the exchange rate basically do not recognize that China is a complete market economy. I think this is the root cause. Secondly, a basket of monetary policy, no longer pegged to the dollar, refers to multinational currencies to determine the exchange rate according to different weights. There is more room for operation in the middle, and it is impossible to say that there isno. As for how big and how much space there is, I don't know. Finally, let's talk about the treasury bureau and foreign exchange management center of the head office. Someone is on duty 24 hours a day, 365 days a year. What do you think you are doing? The treasury bureau and the foreign management center of the head office are always making analysis reports (which may be detailed to weeks, not counting the inflow or outflow of excessive hot money on a certain day), and then deciding how to maintain the exchange rate at a certain level through a certain amount of operations. It is true that market shocks are rarely used, which is inefficient and will be sprayed. In order to avoid the rapid appreciation of RMB, the state has adopted the means of buying foreign exchange directly from the foreign exchange market. The pricing process of this middle price is basically in line with what @ Zheng Zaoli said. It is basically discussion and then ok. It should be noted that the middle price is the closing price of a basket of currencies between banks the day before, and it fluctuates by 0.3% as the middle price of buying and selling the next day. However, the following are all implemented, and the specific figures are not particularly clear. But at the meeting last year, I heard from the leader that the central bank's foreign exchange market earned about 53 billion yuan last year (I was so bored that I couldn't sleep at the meeting, I couldn't remember clearly, about this figure). In this case, there is a lot of room for imagination. At present, the central bank is also at a stalemate stage, basically maintaining this level. The two big brothers have different ideas, so that's good. As for the means of operation, others have basically said it. At present, in general, tinkering is also a market operation. Of course, at an extraordinary moment, there are always awesome people who force the operation (ZRJ).