中国央行：保持人民币汇率在合理均衡水平上的基本稳定

Core Viewpoint - The People's Bank of China emphasizes the importance of market-driven exchange rate formation and aims to maintain the basic stability of the RMB at a reasonable and balanced level while preventing excessive fluctuations [1] Group 1: Exchange Rate and Market Development - The report advocates for further development of the foreign exchange market and steady expansion of openness to promote integrated domestic and foreign trade [1] - It highlights the need to enhance the resilience of the foreign exchange market and to strengthen the concept of neutral exchange rate risk [1] - The report calls for increasing the use of RMB in cross-border trade and investment [1] Group 2: Risk Management and Financial Support - The report outlines a cautious approach to resolving risks in key areas, particularly in managing local government financing platform debt risks [1] - It encourages financial institutions to negotiate with financing platforms based on market-oriented and legal principles, including measures like lowering interest rates and extending debt maturities [1] - The report emphasizes the importance of improving macro-prudential management of real estate finance and supporting the development of new models in the real estate sector [1]