央行副行长：中国不寻求通过汇率贬值获取国际竞争优势

Core Viewpoint - The People's Bank of China (PBOC) emphasizes that China does not seek to gain international competitive advantages through currency devaluation, maintaining a clear and consistent stance on exchange rate policy, which prioritizes market determination and aims to keep the RMB stable at a reasonable equilibrium level [1][2]. Economic Stability - Domestic economy shows signs of recovery, with a GDP growth of 5.4% year-on-year in the first quarter, indicating a positive start to the year [1]. - The Central Political Bureau of the Communist Party of China has made important deployments for economic work, suggesting a continuation of high-quality economic development [1]. Monetary Policy Expectations - There is a growing market expectation that the Federal Reserve will resume interest rate cuts in the second half of the year, which may improve the alignment of monetary policy cycles between China and the U.S. and narrow the interest rate differential [1]. Balance of Payments - The current account surplus is projected to be 2.2% of GDP in 2024, indicating a balance within a reasonable range [2]. - China's financial market is operating stably, with steady progress in opening up, making RMB assets attractive, and facilitating orderly cross-border capital flows, with a net inflow of approximately $100 billion in the first five months of the year [2]. Foreign Exchange Market Development - Significant progress has been made in the development of the foreign exchange market, with more mature market participants and rational trading behaviors, enhancing market resilience [2]. - The hedging ratio for enterprises and the proportion of RMB cross-border receipts in goods trade have both increased to around 30%, indicating improved capacity for enterprises to respond to external shocks [2].