China’s State Administration of Foreign Exchange Says RMB Exchange Rate Is Relatively Stable In The World, With No Big Ups And Downs

Wang Chunying, spokesperson of the State Administration of Foreign Exchange, said at the press conference of the State Council Information Office on April 21 that the exchange rate of the RMB against the US dollar had appreciated by 1% as of April 20 compared with the end of the previous year. According to the calculation of the currency basket of the China Foreign Exchange Trade System, the RMB multilateral exchange rate index rose by 1.3%, and the emerging market currency index rose by 1.1% during the same period. From the perspective of changing trends, the recent trend of the RMB exchange rate has become more stable. In the first two months of this year, especially around the Chinese New Year, affected by internal and external economic, financial and seasonal factors, the RMB exchange rate showed two-way fluctuations. Since mid-March, the main domestic economic indicators have improved steadily. The monetary policy tightening of major developed economies has also eased and the RMB exchange rate has generally risen. To sum up, the RMB exchange rate fluctuates in two directions, with a slight appreciation, and its global performance is relatively stable, with no major ups and downs.