The People's Bank of China's policy position on the RMB exchange rate. It points out that the IMF assesses the actual effective exchange rate and should not be misinterpreted as a view of the nominal exchange rate. The actual effective exchange rate is determined by a combination of the nominal effective exchange rate and domestic and foreign relative prices. It is more reflected in the macroeconomic structure of a country's economy, such as the supply and demand relationship. However, individual opinions intentionally or not guide the IMF's external balance assessment results to the nominal exchange rate of the RMB, or even the exchange rate of the RMB against the US dollar, and use it as an “official basis” for exchange rate accusations. In fact, the IMF's policy recommendations for China are mainly structural adjustment policies such as actively expanding domestic demand, rather than promoting the appreciation of the RMB exchange rate.

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