Xinhua
06 Mar 2026, 16:45 GMT+10
BEIJING, March 6 (Xinhua) -- China has no need or intention to seek competitive edges in foreign trade through the depreciation of its currency, China's central bank governor said Friday.
Pan Gongsheng, governor of the People's Bank of China (PBOC), made the remarks at a press conference on the sidelines of the fourth session of the 14th National People's Congress.
The PBOC has always upheld the decisive role of market forces in exchange rate formation, maintained exchange rate flexibility, strengthened expectation management, and kept the yuan's exchange rate generally stable at an adaptive, balanced level, Pan told the press.
Under certain circumstances, macro-prudential management tools will be employed to curb "herd behavior" and negative self-reinforcing dynamics in the market, he said, citing the recent adjustment in the foreign exchange risk reserve requirement ratio for forward forex sales.
Noting that the factors influencing exchange rates are complex and highly uncertain internationally, Pan said participants in China's foreign exchange market have become more mature, and the market has shown greater resilience.
With more enterprises using exchange rate hedging tools or settling cross-border trade in yuan, over 60 percent of China's import and export activities are effectively shielded from exchange rate volatility -- a figure expected to rise further this year, he revealed.
Get a daily dose of Africa Leader news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Africa Leader.
More InformationSEATTLE, Washington: The Chinese government is asking travelers to avoid entering the United States through Seattle, citing a pattern...
LONDON, U.K.: On April 17, Opposition politicians renewed their demands for the British Prime Minister, Keir Starmer, to resign after...
JERUSALEM/BEIRUT: After many hours of sirens in northern Israel mid-week, people felt an unusual calm later in the week as the ceasefire...
ANNANDALE, Virginia: Virginia's former lieutenant governor, Justin Fairfax, once seen as a rising Democratic leader before sexual assault...
ROME, Italy: The scope of a year-old law passed by Giorgia Meloni's government limiting citizenship claims to Italian descendants who...
WASHINGTON, D.C.: U.S. President Donald Trump said there would be a 10-day pause in fighting between Israel and Lebanon starting at...
WASHINGTON, D.C.: A federal investigation into the Federal Reserve's US$2.5 billion headquarters renovation intensified this week after...
LOS ANGELES, California: Netflix shares fell sharply in premarket trading after co-founder and chairman Reed Hastings announced he...
SINGAPORE/KUALA LUMPUR: A sharp rise in raw material costs, triggered by the war in Iran, is pushing up global rubber glove prices...
NEW YORK, New York - U.S. stocks shot higher on Friday, with major indices notching up record highs intra-day and at the close. Earlier...
WASHINGTON, D.C.: A Starlink outage that disrupted U.S. Navy drone tests off the California coast has highlighted growing concerns...
LONDON, U.K.: A surge in high-paying banking jobs across Europe has done little to close the gender gap at the top of the financial...
