People's Bank of China Enhances Resilience of Foreign Exchange Market to Prevent Exchange Rate Overshooting Risks

The People's Bank of China stated that it will adhere to a market-oriented approach, adjusting based on a basket of currencies, and implement a managed floating exchange rate system to maintain exchange rate flexibility, allowing the exchange rate to function as an automatic stabilizer in the macroeconomy and international balance of payments. Through comprehensive measures, it aims to enhance the resilience of the foreign exchange market, stabilize market expectations, prevent exchange rate overshooting risks, and ensure the basic stability of the renminbi exchange rate at a reasonable and balanced level. At the same time, it will expand the macro-prudential and financial stability functions of the central bank, improve its toolbox, maintain the smooth operation of financial markets, and continue to effectively prevent and resolve risks, firmly safeguarding against systemic financial risks.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.