Zhu Hexin: Overall stability of the foreign exchange market operation since 2025.

At the 2025 Lujiazui Forum, Zhu Hexin, Vice President of the People's Bank of China and Director of the State Administration of Foreign Exchange, stated that since 2025, the foreign exchange market has operated in a generally stable manner in the face of a complex and severe situation. The RMB exchange rate has fluctuated in both directions, with increased flexibility, and the RMB has appreciated by 1.6% against the US dollar, while remaining stable against a basket of currencies. China's foreign trade has maintained strong resilience, and the current account surplus is at a reasonable balance level. Cross-border investment is becoming more active, with net inflows of foreign capital into domestic bonds at a high level, and there has also been an increase in recent purchases of domestic stocks.