Core Viewpoint - The People's Bank of China (PBOC) emphasizes the resilience of the foreign exchange market during the 14th Five-Year Plan period, indicating that the RMB exchange rate remains stable at a reasonable equilibrium level, which supports the implementation of independent monetary policy and stabilizes the financial market [1] Group 1 - The PBOC highlights that the macroeconomic fundamentals are solid, and the international balance of payments is expected to maintain autonomous equilibrium, providing a strong foundation for medium to long-term exchange rate stability [1] - The central bank will continue to uphold the decisive role of the market in the formation of the exchange rate, maintain exchange rate flexibility, strengthen expectation guidance, and prevent risks of excessive exchange rate adjustments [1] - The PBOC aims to keep the RMB exchange rate fundamentally stable at a reasonable equilibrium level [1]