The People's Bank of China's policy position on the RMB exchange rate. It points out that China is a responsible power. In the past many rounds of intense external shocks, it has never engaged in competitive currency depreciation, and has never followed the trend to push the RMB depreciation to boost exports. During the Asian financial crisis in the 1990s, some countries' currencies depreciated sharply, and the Chinese government promised not to depreciate the RMB, which played an important role in maintaining regional economic and financial stability. During the 2008 international financial crisis, many countries' currencies depreciated sharply against the US dollar, and the RMB remained basically stable. In recent years, the countries concerned have launched trade wars, and the Federal Reserve has raised interest rates drastically and steeply. Non-US dollar currencies generally face greater depreciation pressure. The People's Bank of China has adopted macroprudential policies and measures in due course to prevent the RMB exchange rate from being overadjusted in the direction of depreciation.

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