[Pan Gongsheng: China Has No Need or Intention to Gain Trade Competitive Advantage Through Currency Depreciation] On March 22, at the China Development Forum 2026 Annual Meeting, Pan Gongsheng, Governor of the People's Bank of China, stated that China has no need or intention to gain trade competitive advantage through currency depreciation. The stance of the People's Bank of China has always been clear: to uphold the decisive role of the market in exchange rate formation, maintain exchange rate flexibility, strengthen expectation management, and keep the RMB exchange rate fundamentally stable at a reasonable and balanced level. The People's Bank of China's expectation management and use of transparent macroprudential management tools, which comply with international rules and practices, aim to correct the market's "herd effect" and market failures, helping to prevent the destructive equilibriums that have repeatedly occurred in international financial history. (Cailian Press)