Economic Daily Jin Guanping: China has the confidence not to engage in competitive currency devaluation.

The People's Bank of China recently issued a policy stance on the RMB exchange rate, making it clear that "China has no need and no intention to gain trade competitive advantages through exchange rate depreciation, and has never engaged in competitive currency devaluation." This statement is grounded in the objective realities of China's economic and trade development, effectively responds to unfounded claims in the international community, and also demonstrates the policy resolve and sense of responsibility of a major economy. The foundation of trade competitive advantage lies in industrial competitiveness, not in exchange rate tools. The growth and expansion of China's foreign trade stems fundamentally from the solid foundation accumulated over more than 40 years of reform and opening up: a super-large-scale market, a complete industrial chain and infrastructure system, abundant and high-quality labor resources, and continuously improving R&D and innovation capabilities.