In an interview with Beijing Review, Zong Liang, a senior researcher at the World Finance Forum, argues that the renminbi is not deliberately undervalued. He notes that the currency weakened until early April 2025 before recovering, and broke through 6.9 per dollar in February 2026, its highest level since April 2023. The PBOC says the RMB appreciated about 9% against the U.S. dollar since the start of 2025, yet three effective exchange rate indices edged lower because the dollar index fell 9.4%. Forex reserves reached $3.3579 trillion by late 2025, up 5%, mainly due to valuation effects rather than large-scale purchases. He adds that the record current account surplus reflects the gap between domestic saving and investment, not the exchange rate alone.
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