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

LightningPacketLoss · 2026-03-22T21:10:27+00:00

Pan Gongsheng, Governor of the People's Bank of China, stated at the forum that China has no intention of gaining trade advantages through currency depreciation, emphasizing the decisive role of markets in exchange rate formation, and is committed to maintaining the fundamental stability and flexibility of the yuan exchange rate.

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2026-03-22 21:10:27

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Source: People’s Financial News Author: Zheng Zaojin

People’s Financial News, March 22 — According to a keynote speech by People’s Bank of China Governor Pan Gongsheng at the 2026 China Development High-Level Forum, China has neither the need nor the intention to gain a trade competitive advantage through currency devaluation. The stance of the People’s Bank of China has always been clear: to uphold the decisive role of the market in exchange rate formation, maintain exchange rate flexibility, strengthen expectation guidance, and keep the RMB exchange rate basically stable at a reasonable and balanced level. The People’s Bank of China’s expectation guidance and the use of transparent, internationally compliant macroprudential management tools help correct market “herd behavior” and market failures, which is conducive to preventing destructive imbalances that have repeatedly occurred in international financial history.

(Edited by: Wen Jing)

Keywords: Exchange Rate

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