XI:China has been working to improve market-based RMB exchange rate regime. Recent measures to improve the quotation of the RMB central parity is a case in point, as it gives greater say to the market in deciding the exchange rate. Given the complexities in the current international economic scene and financial market and the apparent divergence in market makers' expectations of the future trend of the RMB exchange rate, there had been a long-standing gap between the central parity and market exchange rate of the RMB. With improvements to the quotation of the RMB central parity, the RMB central parity will better respond to supply and demand in the foreign exchange markets, and systemically avert the sustained large gap between the RMB central parity and market exchange rate. Since the quotation of RMB central parity was improved on Aug. 11, initial progress has been made in correcting the deviation. Given the current economic and financial conditions at home and abroad, there is no basis for sustained depreciation of the RMB. Reform of the RMB exchange rate formation regime will continue in the direction of market operation.
习近平:中国一直在完善人民币汇率市场化形成机制。这次完善人民币汇率中间价报价就是其中一步,加大了市场决定汇率的力度。当前,国际经济金融形势复杂,做市商对人民币汇率走势预期明显分化,使得人民币汇率中间价和市场汇率出现了较长时间的偏离。完善中间价报价使中间价形成更加参考外汇市场供求关系,从机制上防止中间价和市场汇率持续大幅偏离。8月11日中间价报价完善以来,偏差矫正己初见成效。从国际国内经济金融形势看,人民币汇率不存在持续贬值的基础。人民币汇率形成机制改革会继续朝更加市场化的方向迈进。
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