The central bank: The IMF assesses the real effective exchange rate and it should not be misinterpreted as its view on the nominal exchange rate.
智通财经2026/10/08 10:07The People's Bank of China has stated its policy stance on the RMB exchange rate. It pointed out that the IMF evaluates the real effective exchange rate and this should not be misinterpreted as its view of the nominal exchange rate. The real effective exchange rate is determined by both the nominal effective exchange rate and the relative domestic and foreign prices, reflecting macroeconomic and structural influences such as the supply-demand relationship within an economy. However, certain opinions intentionally or unintentionally redirect the IMF's external balance assessment to the RMB nominal exchange rate, or even to the RMB/USD rate, using it as an "official basis" for exchange rate criticism. In reality, the IMF's policy recommendations for China primarily focus on actively expanding domestic demand and implementing structural adjustment policies, rather than pushing for RMB appreciation.
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