Zhou Xiaochuan: The exchange rate has stabilized. The stock market adjustment has been in place.

Zhou Xiaochuan, governor of the People's Bank of China, said at the meeting of the G20 finance ministers and central bank governors that the exchange rate of the RMB against the US dollar has stabilized, the stock market adjustment has been generally in place, and the financial market is expected to be more stable. Zhou Xiaochuan emphasized that despite some fluctuations in the financial market, the Chinese government's determination to deepen reform has not changed, and various reforms will be promoted in an orderly manner in accordance with the plan approved by the Party Central Committee and the State Council. Lou Jiwei, the finance minister attending the meeting, pointed out that the Chinese government will not pay special attention to the quarterly short-term economic fluctuations, will maintain the "fixed power" of macroeconomic policies, and unswervingly promote reform and opening up in accordance with the established deployment.

According to People's Daily, Zhou Xiaochuan said at the meeting of G20 finance ministers and central bank governors held in Ankara, Turkey from September 4th to 5th that the Chinese stock market bubble has accumulated since mid-June this year. From March to June, the Shanghai Composite Index rose by 70%. In this process, there have been problems such as the rapid rise in investor leverage, and there are potential risks. Since mid-June, China's stock market has undergone three rounds of adjustments. The first two rounds of adjustment have not had an international impact. The third round of adjustments in late August has produced some global effects. To avoid systemic risks, the Chinese government has adopted a series of policy measures, including the PBOC's provision of liquidity to the market through multiple channels. The Chinese government's measures have prevented the stock market from falling and systemic risks. Since the stock market adjustment, the leverage ratio has dropped significantly and has not had a significant impact on the real economy.

In terms of the RMB exchange rate, Zhou Xiaochuan said that in view of the mutual influence of financial markets, the People's Bank of China reformed the RMB exchange rate mid-price quotation mechanism on August 11 this year, and increased the market's determination of the exchange rate. This is the marketization of the RMB exchange rate. Important steps in reform. Affected by the strong US dollar in the previous period and the general depreciation of the currencies of emerging market economies, the real effective exchange rate of the RMB was strong. At the same time, due to the turmoil in the financial market and the recent injection of liquidity in the market, the RMB experienced a certain degree of depreciation after the reform. However, China’s economic fundamentals have not changed substantially, and foreign trade still maintains a large surplus. The RMB does not have a long-term depreciation basis.

Zhou Xiaochuan pointed out that the current exchange rate of the RMB against the US dollar has stabilized, the stock market adjustment has been generally in place, and the financial market is expected to be more stable.

Zhou Xiaochuan emphasized that despite some fluctuations in the financial market, the Chinese government's determination to deepen reform has not changed, and various reforms will be promoted in an orderly manner in accordance with the plan approved by the Party Central Committee and the State Council.

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