Pan Gongsheng: China has neither the need nor the intention to gain a trade competitive advantage through currency devaluation

Source: People’s Financial News Author: Securities Times Two Sessions Reporting Team

People’s Financial News, March 6 — On March 6, at the press conference on the economic topics during the Fourth Session of the 14th National People’s Congress, Pan Gongsheng, Governor of the People’s Bank of China, stated that since the beginning of this year, the RMB to USD exchange rate has appreciated. This is related to China’s continued economic growth, a weakening U.S. dollar index, and seasonal currency conversions by enterprises. Currently, the bilateral RMB to USD exchange rate is within the median range of recent years. China has neither the need nor the intention to devalue the currency to gain a trade competitive advantage.

(Edited by: Wen Jing)

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