China has the concrete foundation, confidence and ability to maintain the stable operation of the foreign exchange market and the basic stability of the RMB exchange rate at a reasonable and balanced level, keep debt under control, and safeguard its financial security.

The country will continue to deliver its promise to let the market play a bigger role in exchange rate regime to maintain stability and continuity of foreign exchange management policies, further promote the liberalization and facilitation of cross-border trade and investment and keep a prudent monetary policy. It will be normal for the RMB exchange rate to fluctuate flexibly in the short term in response to changes in market supply and demand. Expectations of long-term stability of RMB's exchange rate will remain unchanged through a series of two-way fluctuations, as China's economic fundamentals remain stable.

The RMB exchange rate system is not perfect. But that should not be an excuse to write off China's remarkable progress in exchange rate reform, let alone smearing the mechanism.

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