[Policy Stance on the RMB Exchange Rate Released by the People's Bank of China] On October 8, the People's Bank of China (PBOC) released its policy stance on the RMB exchange rate. The PBOC emphasized that China implements a managed floating exchange rate system based on market supply and demand, with reference to a basket of currencies, and adheres to allowing the market to play a decisive role in exchange rate formation. Since 2010, the RMB exchange rate has undergone multiple cycles of appreciation and depreciation, with more pronounced two-way fluctuations and increased flexibility. The PBOC stated that the development of China's trade is rooted in the enhancement of industrial international competitiveness. China sees no need, nor has any intention, to gain trade competitiveness through currency depreciation and has never engaged in competitive currency devaluation. Addressing global economic imbalances requires joint efforts from all parties. Attributing the decline in domestic industrial competitiveness, weakened fiscal discipline, and complex structural issues solely to other countries' exchange rates is an evasion and deflection of responsibility for self-adjustment. (People's Bank of China)