China has no need or intention to use yuan depreciation for a trade competitive advantage, and it has never engaged in competitive currency devaluation, the central bank said on Thursday.
China lets the market play a decisive role in exchange rate formation, the People's Bank of China said in a statement, adding that it does not preset exchange rate target levels or intervene in long-term exchange rate trends.
China will report additional foreign exchange-related data to the International Monetary Fund starting from 2027, the central bank said.
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China has no need or intention to weaken yuan for trade edge, central bank says
China's central bank stated it does not intend to depreciate the yuan for competitive trade advantages. It emphasized that the market plays a decisive role in determining exchange rates. The central bank will not set exchange rate targets nor intervene in long-term trends. Starting in 2027, additional foreign exchange data will be reported to the International Monetary Fund.
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