[Pan Gongsheng: China has no need or intention to gain a competitive advantage in trade through exchange rate depreciation] From August 31 to September 1, Pan Gongsheng, Governor of the People's Bank of China, attended the G20 Finance Ministers and Central Bank Governors meeting and stated that China implements a managed floating exchange rate system, insists on the decisive role of the market in the formation of exchange rates, and at the same time prevents the market's "herding effect" and the self-reinforcement of irrational expectations. China has no need or intention to gain a competitive advantage in trade through exchange rate depreciation. In recent years, with the transformation and upgrading of the export structure, the bargaining power and exchange rate risk management capabilities of enterprises have been continuously enhanced, and the sensitivity of China's trade to exchange rates has dropped significantly. At the same time, foreign trade companies are increasingly using exchange rate hedging tools, and the proportion of RMB in trade settlements is constantly increasing, further reducing the sensitivity of trade to exchange rate fluctuations. (Reporter Li Ting)