Recently, the People’s Bank of China (PBOC) commented on the outlook for the renminbi (RMB) exchange rate, stating that it is expected to continue exhibiting two-way fluctuations. ‘Two-way fluctuations’ means the RMB may appreciate or depreciate against major currencies like the U.S. dollar, with its value flexibly adjusting in response to domestic and global economic fundamentals, market supply and demand, and shifts in international financial markets.The PBOC emphasized that China’s economy remains generally stable, foreign exchange market supply and demand are broadly balanced, and cross-border capital flows are orderly—all providing a solid foundation for the RMB to maintain basic stability. Moreover, the RMB exchange rate formation mechanism has become more market-oriented, enabling timely reflection of market expectations and external changes. Enhanced exchange rate flexibility helps absorb external shocks and strengthens macroeconomic resilience.Experts note that amid rising global economic uncertainty and growing divergence in monetary policies among major economies, two-way RMB volatility is likely to become the norm. This not only supports the exchange rate’s role as an ‘automatic stabilizer’ for balancing international payments but also encourages businesses to adopt risk-neutral strategies and improve foreign exchange risk management.Overall, the central bank’s message signals that the RMB will remain basically stable around a reasonable and balanced level, without sustained one-way appreciation or depreciation. Market participants are advised to view exchange rate movements rationally and avoid speculative behavior.
近日，中国人民银行就人民币汇率走势作出表态，指出人民币汇率预计将继续呈现双向浮动的态势。所谓‘双向浮动’，是指人民币对美元等主要货币既可能升值，也可能贬值，汇率将根据国内外经济基本面、市场供求关系以及国际金融市场变化等因素灵活调整。央行强调，当前我国经济运行总体平稳，外汇市场供需基本平衡，跨境资本流动有序，为人民币汇率保持基本稳定提供了坚实基础。同时，人民币汇率形成机制已更加市场化，能够及时反映市场预期和外部环境变化，增强汇率弹性有助于吸收外部冲击，提升宏观经济韧性。专家分析认为，在全球经济不确定性上升、主要经济体货币政策分化加剧的背景下，人民币汇率的双向波动将成为常态。这不仅有利于发挥汇率调节国际收支的‘自动稳定器’作用，也有助于推动企业树立风险中性理念，加强汇率风险管理。总体来看，央行释放的信号表明，未来人民币汇率将在合理均衡水平上保持基本稳定，但不会单边持续升值或贬值，市场主体应理性看待汇率波动，避免盲目投机。
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