两会｜潘功胜：中国没有必要也无意通过汇率贬值获取贸易竞争优势

Core Viewpoint - The People's Bank of China (PBOC) plans to implement a moderately accommodative monetary policy by 2026, utilizing various tools such as reserve requirement ratio (RRR) cuts and interest rate reductions to ensure sufficient market liquidity and align social financing scale and money supply growth with economic growth and price level expectations [1][3]. Group 1: Monetary Policy Implementation - The PBOC will flexibly and efficiently use multiple monetary policy tools to achieve its goals [1]. - In the past two months, approximately 2 trillion yuan of medium- and long-term funds have been net injected into the open market, indicating a generally loose financing condition [4]. - The PBOC aims to guide and regulate interest rates based on economic and financial conditions, promoting low comprehensive financing costs for society [5]. Group 2: Currency and Exchange Rate Management - The PBOC asserts that there is no necessity or intention to devalue the yuan for trade competitiveness, as the current exchange rate is at a median level compared to previous years [3]. - The recent appreciation of the yuan against the US dollar is attributed to China's improving economy, a weakening dollar index, and seasonal corporate foreign exchange settlements [3]. Group 3: Policy Communication and Transparency - The PBOC emphasizes the need to enhance the market-oriented interest rate formation, adjustment, and transmission mechanisms to improve the transparency of monetary policy [6]. - There is a plan to gradually shift away from quantity-based intermediary targets in monetary policy, focusing more on financial totals as observational and reference indicators to better utilize interest rate adjustments [7].