The RMB Exchange Rate Has Basically Maintained Stability Against A Basket Of Currencies.

On the morning of 28, Premier Li Keqiang of the State Council made a telephone call with President of the International Monetary Fund, Lagarde, and exchanged in-depth views on the world and China's economic and financial situation.

At present, the world economic situation in deep adjustment is still complicated, and the momentum of recovery is insufficient, with uncertain factors increasing.

Promoting growth, restructuring and strengthening cooperation has become an international consensus.

China's economy is deeply integrated with the world economy.

In the background of the slowing down of world economy and trade and the intensification of international financial market fluctuations, China's economy maintained a high growth rate of 6.9% during the past year, and achieved full employment. Residents' income and savings growth were all higher than the economic growth rate, and the environment has been improved continuously. These are not easy to come by.

Li Keqiang pointed out that

The key to development lies in reform.

Facing the downward pressure of the international economy and the deep-seated contradictions at home, we should strengthen our confidence and face difficulties, and we will make comprehensive plans to make good use of the great potential, toughness and leeway of China's economy.

While moderately expanding the aggregate demand, we should focus on structural reforms, especially the structural reforms on the supply side.

We will continue to implement the proactive fiscal policy and prudent monetary policy, further promote the strategy of innovation driven development, promote public entrepreneurship and innovation, mobilize the enthusiasm and creativity of millions of people, and expand the momentum of new development, and pform and upgrade traditional kinetic energy.

We have the ability to maintain sustained and steady development of China's economy.

When it comes to the issue of RMB exchange rate, Li Keqiang stressed that the Chinese government did not intend to promote exports through currency devaluation, nor would it fight trade wars.

In fact, the RMB exchange rate has basically maintained stability against a basket of currencies, and there is no basis for sustained depreciation.

We will adhere to the principles of autonomy, gradualism and controllability, steadily push forward the reform of the RMB exchange rate formation mechanism, strengthen communication with the market, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.

Lagarde expressed the belief that the Chinese government can maintain effective macroeconomic policies, promote structural reforms, maintain stable exchange rate policies, and strengthen communication with the market.

Steady growth.

The IMF is willing to continue to strengthen communication and cooperation with China and share the confidence and confidence of reform in the market.

Li Keqiang appreciated the positive efforts made by the International Monetary Fund to promote global growth and maintain financial stability over the years. The Chinese government is willing to strengthen communication with the International Monetary Fund and other international institutions on economic development and macroeconomic policies, and together with other countries and related parties to release positive signals for world economic recovery and growth and boost market confidence.