外汇局：坚决对市场顺周期行为进行纠偏 防止汇率超调风险

Core Viewpoint - The recent unilateral and protectionist actions by the U.S. have led to significant volatility in international financial markets, impacting the RMB to USD exchange rate, which has fluctuated but returned to levels similar to those before the U.S. announced additional tariffs on trade partners [1] Group 1 - The RMB exchange rate has experienced both depreciation and appreciation since April, reflecting normal market fluctuations and the underlying economic fundamentals that support the exchange rate [1] - The foreign exchange management department plans to enhance monitoring of foreign exchange conditions and maintain exchange rate flexibility to serve as an automatic stabilizer for macroeconomic and international balance of payments [1] - There will be ongoing efforts to enrich the macro-prudential management toolbox for cross-border capital flows, aiming to correct pro-cyclical market behaviors and prevent risks associated with excessive exchange rate adjustments and abnormal cross-border capital movements [1]