The People's Bank of China releases its policy stance on the exchange rate of the Renminbi According to a report by Golden Finance, on October 8th, the RMB exchange rate, as an important price in the financial market, has long been a subject of attention from all walks of life, and there has been an increase in recent discussions. The policy stance of the People's Bank of China on the RMB exchange rate is now clarified as follows. China implements a managed floating exchange rate system based on market supply and demand, adjusted with reference to a basket of currencies, and insists on allowing the market to play a decisive role in the formation of exchange rates. Over the past two decades, the RMB exchange rate has fluctuated in both directions; Since 2010, the RMB exchange rate has gone through multiple cycles of appreciation and depreciation, with a more pronounced two-way floating characteristic and increased elasticity. The development of China's trade is rooted in the improvement of its international competitiveness in the industry. China has no need or intention to gain a competitive advantage in trade through exchange rate depreciation, and has never engaged in competitive currency devaluation.