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China's central bank in the first quarter of 2017 monetary policy implementation report column, said that despite the Federal Reserve monetary policy normalized rhythm, Trump government tax cuts and other international political and economic events, the future trend of the dollar there is uncertainty, But the domestic factors affecting the RMB exchange rate is expected to continue, economic fundamentals and other factors will continue to support the RMB at a reasonable level of balance to maintain basic stability.

The central bank website Friday evening published the full report that the past two years the yuan against the US dollar depreciation, but the overall depreciation is orderly. With the advancement of the RMB internationalization process, there will be more trade and investment in RMB, and the renminbi will continue to maintain its stable position in the international monetary system.

"Continue to adhere to the direction of market-oriented exchange rate reform, increase the intensity of the market decision-making, ... will also further optimize the macro-prudential policy framework, the reverse adjustment of capital flows to promote the balance of payments balance."

The report shows that in 2005 the exchange rate to the end of March this year, the RMB exchange rate against the US dollar exchange rate rose 19.96%, the Bank for International Settlements measured the effective exchange rate appreciation of 35.15%, the effective effective exchange rate appreciation of 44.23%. Whether it is lower than the developed economies or emerging market currencies, the volatility of the yuan is relatively low, the currency is also relatively strong, the RMB in the global monetary system to show a stable and strong monetary characteristics.


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