The Party Leadership Group of the State Administration of Foreign Exchange: Maintain basic stability of the RMB exchange rate at a reasonable and balanced level and achieve basic equilibrium in international payments

The Party Group of the State Administration of Foreign Exchange of the Communist Party of China issued a notice on the progress of the rectification of the third round of inspections by the 20th Central Committee. In the next steps, it will faithfully perform the foreign exchange regulatory functions entrusted by the Party Central Committee. It will coordinate development and security, and establish a foreign exchange management system that is "more convenient, more open, more secure, and smarter." It will promote deep reforms and high-level openness in the foreign exchange field, implement the "five major articles" of finance, continuously enhance the facilitation level of cross-border trade and investment, and build an open, diverse, functionally sound, and competitively orderly foreign exchange market, actively supporting the implementation of regional strategies. It will improve the monitoring and early warning system for cross-border capital flows, maintain basic stability of the RMB exchange rate at a reasonable and balanced level, and ensure basic balance of international payments. It will promote high-quality development of foreign exchange reserve management, leveraging the role of foreign exchange reserves as a "stabilizer" and "ballast." It will continue to promote the construction of a financial regulatory system with Chinese characteristics, establish a comprehensive and effective foreign exchange regulatory system, strengthen regulatory coordination, and severely crack down on illegal activities in the foreign exchange field. It will enhance the rule of law in the foreign exchange sector