The central bank: There are many factors that can affect the exchange rate.

People's Bank of China spokesperson and Deputy Governor Zou Lan stated at a press conference held by the State Council Information Office on January 15 that, regarding the exchange rate issue, China's exchange rate policy is clear and consistent, emphasizing the decisive role of the market in determining exchange rates and maintaining the basic stability of the RMB exchange rate at a reasonable and balanced level. China is a responsible major country, and there is no need or intention to gain international trade competitive advantage through currency devaluation. From a global perspective, in the past few years, developed economies have raised interest rates significantly and then quickly lowered them, international trade barriers and frictions have increased, and there has been significant volatility in global financial markets. The RMB exchange rate has faced depreciation pressure, and the People's Bank of China and the State Administration of Foreign Exchange have strengthened expectation management to prevent the risk of exchange rate overshooting. Since 2020, the US dollar index has risen by about 1.9%, while the CFETS RMB exchange rate index, which measures the RMB against a basket of currencies, has risen by 7.2% during the same period. Overall, the RMB exchange rate is stable. There are many factors that influence exchange rates, such as economic growth, monetary policy, financial markets, geopolitical factors, and unexpected risk events. By the end of 2025, driven by market forces, the RMB exchange rate against the US dollar broke through 7 yuan. This was mainly due to the easing of the China-US economic and trade situation since May 2025, the weakening of the US dollar index, and the relative appreciation of the RMB against the US dollar. Looking ahead, China has a super large-scale market and a complete industrial chain, accelerating integration of technological innovation and industrial innovation, flourishing new momentum, continuously releasing domestic demand potential, more seamless domestic and international dual circulation, and a fundamentally positive macroeconomic situation, all of which provide support for the basic stability of the RMB exchange rate.