Lu Lei, Deputy Governor of the People's Bank of China: China has no need or intention to gain trade competitive advantage through currency devaluation.

Lu Lei, Deputy Governor of the People's Bank of China (PBOC), stated at a press conference held by the State Council Information Office on September 10 that the "15th Five-Year Plan for Building a Financially Strong Nation" has been officially released. The PBOC has also issued supporting reform and development plans and nine action plans. He emphasized that China implements a managed floating exchange rate system, adheres to the decisive role of the market in exchange rate formation, and prevents market herding effects and the self-reinforcement of irrational expectations. China has no need or intention to gain trade competitive advantages through exchange rate depreciation. Lu Lei also stated that during the "15th Five-Year Plan" period, the PBOC will firmly maintain currency value stability, gradually de-emphasize quantitative intermediate targets, focus more on the role of interest rate-based regulatory tools, improve the deposit reserve system, and conduct open market operations more flexibly and precisely to improve the market-based interest rate formation, regulation, and transmission mechanisms.