China's Central Bank: No Intention to Gain Trade Competitive Advantage Through Depreciation, Never Engages in Competitive Currency Devaluation

China's central bank stated it has no intention to gain trade advantages through currency depreciation and does not engage in competitive devaluation. The RMB has appreciated significantly since 2005 reform, and the central bank uses macroprudential tools only during major external shocks, rejecting claims of systematic undervaluation.