[Policy stance of the People's Bank of China on the RMB exchange rate] The People's Bank of China issued an article stating that the RMB exchange rate, as an important price in the financial market, has long attracted attention from all walks of life, and discussions have increased recently. The policy stance of the People's Bank of China on the RMB exchange rate is now clarified as follows. China implements a managed floating exchange rate system based on market supply and demand and adjusted with reference to a basket of currencies, and insists on letting the market play a decisive role in the formation of exchange rates. Over the past two decades, the RMB exchange rate has floated in both directions; since 2010, the RMB exchange rate has experienced multiple cycles of appreciation and depreciation, with the characteristics of two-way floating becoming more obvious and its flexibility enhanced. China's trade development is rooted in the improvement of the international competitiveness of its industries. China has no need or intention to gain a competitive advantage in trade through exchange rate depreciation, and has never engaged in competitive currency depreciation. The exchange rate is affected by many factors such as economic growth, monetary policy, financial markets, geopolitics, and unexpected risk events, and there is no simple linear relationship with the current account. The international assessment methods for the equilibrium level of exchange rates are still immature. Using individual assessment conclusions as the "official basis" for the undervaluation of the RMB exchange rate is a misinterpretation and misuse of the assessment results. Global economic imbalances are closely related to the evolution of the global division of labor, inherent contradictions in the international monetary system, and long-term high fiscal deficits and high consumption in some countries, and require joint efforts from all parties to resolve them. To simply attribute the country's declining industrial competitiveness, weakening financial constraints and complex structural problems to other countries' exchange rates is to shirk and avoid its own adjustment responsibilities. ● China has made positive contributions to the multiple rounds of dynamic balance of the global economy. During the "15th Five-Year Plan" period, it will persist in promoting the transformation of economic growth mode, expand domestic demand, improve the business environment, deepen high-level opening up, and promote the development of the global economy in a more open, inclusive, and balanced direction.