PBOC Governor Pan: Will continue to let the market play a decisive role in deciding the Yuan exchange rate

Speaking at the AlUla Conference for Emerging Market Economies in Saudi Arabia on Sunday, People's Bank of China (PBOC) Governor Pan Gongsheng said that the central bank “will continue to let the market play a decisive role in deciding the Yuan exchange rate.”

Additional quotes

Emphasized that a stable yuan is crucial for global financial and economic stability.

Highlighted that while many currencies have depreciated against a stronger us dollar, the Yuan has remained stable despite market volatility.

Noted China’s focus on boosting domestic consumption through policies such as raising household incomes and offering subsidies.

China will implement a proactive fiscal policy and an accommodative monetary policy, with stronger counter-cyclical adjustments to support the economy.