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The central bank’s Monetary Policy Department issued a document stating that in the next step, the People’s Bank of China will adhere to a managed floating exchange rate system based on market supply and demand and with reference to a basket of currencies, unswervingly deepen the market-oriented reform of the exchange rate, and enhance the flexibility of the RMB exchange rate. Give full play to the role of the exchange rate as an automatic stabilizer for macroeconomic adjustment and balance of payments. Continue to promote the construction of a multi-level foreign exchange market system, further increase the depth and breadth of the foreign exchange market, and guide enterprises and financial institutions to establish the concept of risk neutrality. Comprehensively implement policies, stabilize expectations, resolutely curb the exchange rate fluctuations, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. (Securities Times)
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- 2022-10-11The Central Bank: Strengthen the flexibility of the RMB exchange rate and resolutely restrain the exchange rate from fluctuating
- 2022-08-15 The central bank slightly reduced the volume of the sequel to 400 billion MLF, which is expected to drive down the LPR this month
- 2022-07-13 Central Bank: The RMB exchange rate fluctuates in both directions and is at a reasonable level
- 2020-11-16The central bank cuts the net supply of MLF for the second consecutive month, and the monetary policy returns to normal
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