人民币汇率完全有条件保持基本稳定

Core Viewpoint - The recent meeting of the China Foreign Exchange Market Guidance Committee emphasized the need to maintain the stability of the RMB exchange rate at a reasonable and balanced level amidst a complex international environment and a strengthening US dollar [1][2]. Group 1: Market Conditions - The international situation has become increasingly complex and severe since the beginning of 2024, with the US dollar index showing volatility and non-US currencies generally weakening [1]. - The RMB has shown overall strength among major international currencies, with the China Foreign Exchange Trading Center RMB exchange rate index appreciating by 4.2% throughout the year [1]. Group 2: Regulatory Measures - The People's Bank of China and the State Administration of Foreign Exchange will continue to implement comprehensive measures to stabilize expectations, enhance market resilience, and strengthen foreign exchange market management [2]. - The committee will focus on correcting pro-cyclical behaviors in the market and addressing actions that disrupt market order, while also preventing risks of excessive exchange rate fluctuations [2]. Group 3: Self-Regulation and Market Conduct - The foreign exchange market self-regulation mechanism members are urged to prioritize serving the real economy and provide a stable exchange rate environment for enterprises and residents [2]. - Members must adhere to self-regulatory norms, avoid disrupting market order, and refrain from exacerbating pro-cyclical behaviors to maintain orderly and regulated market operations [2].