The Ministry of Finance: The RMB has no comprehensive depreciation, the Chinese foreign exchange market is running normally

Zhongxin Jingwei, September 5th. At the routine briefing of the State Council's policy on the afternoon of the 5th, Irving, Assistant Minister of Finance, said that the RMB did not have a comprehensive depreciation. At present, the Chinese foreign exchange market is operating normally, the flow of cross -border funds is orderly, and it is affected by the overflow effect of US monetary policy, but the impact is controllable.

Some media questions have been considered that the exchange rate of the RMB exchange rate to the US dollar and other currencies has been depreciating. Is there more policy space to reduce profits?

Irving and Han said that because China is an open economy, the RMB exchange rate will inevitably be affected by various factors. Recently, it is mainly the adjustment of the United States to increase the monetary policy. In this case, the US dollar has appreciated by 14.6%this year. Under the background of the appreciation of the US dollar, the SDR basket Other reserve currencies have depreciated significantly against the US dollar, and the renminbi has also depreciated by about 8%, but compared with other non -US dollar currencies, the depreciation is the smallest. For example, from January to August, the euro depreciated by 12%, the pound depreciated by 14%, the yen depreciated by 17%, and the renminbi depreciated by 8%. What does this mean? That is, the depreciation of the renminbi is relatively small, and in the SDR basket, it should be said that in addition to the depreciation of the US dollar, the RMB is appreciated with non -US dollar currencies, not to say that other currencies in SDR baskets are also depreciated.

In this case, in the SDR currency basket, a basic situation is that the US dollar appreciates and the RMB has also appreciated, but the appreciation of the US dollar appreciation is greater. Therefore, the renminbi did not have a comprehensive depreciation.

Owen Han pointed out that in addition to looking at the exchange rate, he also pays attention to market operation changes. At present, the Chinese foreign exchange market is operating normally, the flow of cross -border funds is orderly, and it is affected by the overflow effect of US monetary policy, but the impact is controllable. This is due to the long -term good fundamentals of China's economy and strong economic toughness. "At present, I believe that the economy has entered an upward stage. In addition, it also benefits from China's exchange rate mechanism. The reform of the basic exchange rate system has been deepened, macro -prudential management has been continuously improved, and the flexibility of exchange rates has also been significantly enhanced. This is better to play the function of regulating the automatic stabilizer of the macroeconomic and international revenue and expenditure. "

Regarding the future trend, Irving said that the long -term trend of RMB should be clear. The future world's recognition of the renminbi will continue to increase, which is a long -term trend. However, this should be like this in the short term. Two -way fluctuations are a normal state, with two -way fluctuations, and there will be no "unilateral cities". "Reasonable and balanced, basic stability is what we like to see, we also have the strength support. I don't think there will be something wrong or an accident."

In terms of monetary policy, Owen Han said that because monetary policy is for economic, the economic fundamentals of different countries are different, the financial environment is different, and the monetary policy should be different. As an economic country, China should also implement monetary policy based on its own national conditions. After the epidemic occurred, China efficiently coordinated the prevention and control of the epidemic and economic and social development, and took the lead in achieving positive economic growth, so that my country had conditions and necessary to implement normal monetary policies. The policy did not hollow out the toolbox. Therefore, the current space of Chinese monetary policy is relatively sufficient and rich in policy tools. There is no shortage of price tools nor lack of quantitative tools.

He said that the next step will adhere to the stable monetary policy, effectively and effective use of policy tools, take into account the relationship between stable growth, employment and stability, and cope with various risks and challenges. (Zhongxin Jingwei APP)

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