Pan Gongsheng: China has neither the need nor the intention to gain a trade competitive advantage through currency depreciation

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2026-03-22 06:55:10

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People’s Financial News, March 22 — According to Pan Gongsheng, Governor of the People’s Bank of China, in his keynote speech at the 2026 China Development High-Level Forum, China has neither the need nor the intention to gain a trade competitive advantage through currency devaluation. The stance of the People’s Bank of China has always been clear: to uphold the decisive role of the market in exchange rate formation, maintain exchange rate flexibility, strengthen expectation guidance, and keep the RMB exchange rate basically stable at a reasonable and balanced level. Through expectation guidance and the use of transparent, internationally compliant macroprudential management tools, the People’s Bank of China aims to correct market “herd behavior” and market failures, helping to prevent destructive imbalances that have repeatedly occurred in international financial history.

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