China has no necessity or intention to gain a competitive advantage in international trade through currency devaluation, said a spokesman of the People's Bank of China (PBOC) on Thursday in Bejijing.
Zou Lan, spokesman and deputy governor of the PBOC, said at a press conference held by the State Council Information office that China is committed to maintaining the basic stability of the RMB exchange rate at a reasonable and balanced level.
"China's exchange rate policy is clear and consistent. We have adhered to the principle of allowing the market to play a decisive role in the forming of the exchange rate and worked to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. As a responsible major power, China has neither the need nor the intention to gain a competitive advantage in international trade through currency devaluation," Zou said.
Zou said the complex international situation brings uncertainty and challenges to the RMB exchange rate.
"We must recognize that the external situation remains complex and challenging. There is still uncertainty regarding the range and pace of interest rate adjustments by major economies. Geopolitical shocks may persist, which will in some way disturb the trend of the exchange rate. The RMB exchange rate is expected to continue showing two-way fluctuations and maintain its flexibility," he said.
China has no need or intent to use currency depreciation for trade advantage: central bank
