PANews reported on October 8, citing the official website of the People's Bank of China, that the central bank released its "Policy Stance on the RMB Exchange Rate," clarifying that China implements a managed floating exchange rate regime based on market supply and demand, adjusted with reference to a basket of currencies, and has withdrawn from routine foreign exchange intervention since 2017. The central bank stated that China has no intention of gaining trade competitive advantage through depreciation and never engages in competitive currency devaluation, using macroprudential tools to prevent short-term overshooting only under major external shocks such as the pandemic and the April 2025 tariff war. In terms of data, the RMB has cumulatively appreciated 23% against the US dollar since the 2005 exchange rate reform, with the nominal effective exchange rate appreciating by more than 50%; since 2025, it has cumulatively appreciated about 9% against the US dollar. The central bank also pointed out that using the IMF External Balance Assessment (EBA) conclusions as the "official basis" for RMB undervaluation is a distortion and misuse, and that alleviating global imbalances requires joint action by both deficit and surplus countries.