Live Updates > Live Update Details
2025-10-31 13:16:58
[Pan Gongsheng: Uphold the Decisive Role of the Market in Exchange Rate Formation and Resolutely Prevent Exchange Rate Overshooting Risks] A recently published supplement to the "Guide to the 'Suggestions of the CPC Central Committee on Formulating the 15th Five-Year Plan for National Economic and Social Development'" includes an article by Pan Gongsheng, Governor of the People's Bank of China, entitled "Building a Scientific and Sound Monetary Policy System and a Comprehensive Macro-prudential Management System." In the article, Pan Gongsheng points out the need to continuously improve the RMB exchange rate formation mechanism. As a large open economy, my country must uphold the decisive role of the market in exchange rate formation, maintain exchange rate flexibility, and effectively leverage the exchange rate's function as an automatic stabilizer for the macroeconomy and the balance of payments, creating favorable conditions for the independent and effective implementation of monetary policy. At the same time, it is crucial to adhere to a bottom-line mentality, strengthen expectation guidance, and resolutely prevent exchange rate overshooting risks.
