China has the basis, ability and confidence to maintain the RMB exchange rate.

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      Pan Gongsheng, deputy governor of the People's Bank of China and head of the State Administration of Foreign Exchange, said on Friday that China has the foundation, ability and confidence to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. Those forces who are trying to short the RMB have "dealt with each other a few years ago and are very familiar with each other, and I think we should. It's all fresh.
He said at a policy briefing held by China's new office that China, as a responsible power, will not engage in competitive devaluation and will not use the exchange rate as a tool to deal with trade frictions. The impact of Sino-US trade frictions on foreign exchange markets and cross-border capital flows can be controlled as a whole.
Pan Gongsheng said that the RMB is generally stable in emerging market currencies, China has a wealth of experience and tools to deal with exchange rate fluctuations; the People's Bank of China has actively taken measures to stabilize market expectations, in view of the pro-cyclical behavior of the foreign exchange market, has and will continue to adopt macro-prudential policies to stabilize expectations.


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