China News Network, September 9 According to the People's Bank of China WeChat public account, on September 11, 2023, the special conference on the self-discipline mechanism of the national foreign exchange market was held in Beijing. The meeting discussed the recent foreign exchange market situation and the RMB exchange rate. Representatives of relevant guidance departments of the foreign exchange market self-regulatory mechanism and eight core member institutions of the foreign exchange market self-regulatory mechanism attended the meeting.
The meeting held that although the RMB has depreciated against the US dollar recently, it has remained basically stable against a basket of currencies, maintained a relatively strong position against major non-US currencies, operated steadily in the foreign exchange market, and was generally stable in market expectations. With the introduction and landing of domestic policies to stabilize the economy and stabilize expectations, the year-on-year growth rate of prices (CPI) bottomed out and turned positive, import and export data were better than expected, the effect of real estate policies gradually appeared, consumption picked up significantly, scientific and technological innovation continued to break through, high-quality economic development continued to advance, the potential energy of economic "progress" is accumulating, and the RMB exchange rate has a solid foundation for maintaining basic stability at a reasonable and balanced level.
The meeting emphasized that maintaining the basic stability of the RMB exchange rate is the common aspiration of financial management departments, the self-discipline mechanism of the foreign exchange market, members of the foreign exchange market, enterprises and residents. Under the strong leadership of the Party Central Committee and the State Council, the financial management department has the ability, confidence and conditions to maintain the basic stability of the RMB exchange rate, strike when it is time to strike, resolutely correct unilateral and pro-cyclical behavior, resolutely deal with behaviors that disrupt market order, and resolutely prevent the risk of exchange rate overshoot. Under the guidance of the financial management department, the self-discipline mechanism of the foreign exchange market should continue to guide enterprises and financial institutions to establish the concept of "risk neutrality", and strengthen the behavior supervision and self-discipline management of the members of the self-discipline mechanism. Members of the foreign exchange market should consciously maintain market stability, carry out market-making and proprietary trading in an orderly manner, and resolutely put an end to speculation, inciting customers and other behaviors that disrupt the order of the foreign exchange market. Enterprises and residents should adhere to "risk neutrality", do not blindly follow the trend, do not gamble unilaterally, do not gamble on points, and maintain property safety.