Pan Gongsheng: The cyclical gap between domestic and foreign monetary policies has converged, and the external pressure on the RMB exchange rate has been significantly relieved

On September 24th, Pan Gongsheng, Governor of the People's Bank of China, said that the monetary policies of major economies have been adjusted recently, and the pressure on the depreciation of the RMB exchange rate has eased significantly. The 50 basis points cut by the Federal Reserve is the first interest rate cut after the interest rate hike cycle in the past few years. The monetary policies of major economies have entered the interest rate cut cycle, and the appreciation momentum of the US dollar has weakened. With the convergence of the domestic and foreign monetary policy cycle gap, the external pressure on the RMB exchange rate to be basically stable has eased significantly.