People's Bank of China Governor Pan Gongsheng said China has no need or intent to gain trade advantages through currency devaluation, rejecting foreign media reports that Beijing deliberately keeps the yuan weak. He said the yuan's sensitivity to exchange rate movements in trade has dropped significantly, and China has never engaged in competitive devaluation during the Asian financial crisis, the global financial crisis or recent trade wars. The PBC runs a managed floating system that references a basket of currencies, and in extreme circumstances may intervene directly in the FX market, in line with international rules. Pan also said yuan settlements accounted for 29.1% of China's cross-border goods trade receipts and payments in the first half of 2026, up 1 percentage point from a year earlier.
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• NeutralRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/16/2026 | 101.78 |
| Change that session | -0.20% |
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