
BEIJING, (Xinhua) -- China does not seek to gain an international competitive edge through currency depreciation, Zou Lan, deputy governor of the People's Bank of China (PBOC), told a press conference on Monday.
Recently, the U.S. dollar index and Treasury yields have experienced increased volatility, resulting in spillover effects across global financial markets, Zou said.
By comparison, China's financial market has demonstrated strong resilience and operated smoothly, he said. Since the release of the joint statement on the China-U.S. economic and trade talks in Geneva in May, the RMB has shown two-way fluctuations against the U.S. dollar, remaining stable below 7.2.
"At present, the U.S. dollar's trajectory remains uncertain, while China's domestic fundamentals have seen continued improvement, providing a strong foundation for the RMB to maintain two-way flexibility and overall stability," Zou said.