Zhou Xiaochuan: China will not depreciate its currency
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August 01 11:27:54, 2025
Abstract According to a report by CCTV, on the 3rd, the governor of the People's Bank of China, Zhou Xiaochuan, addressed the 2013 International Monetary Conference (IMC) in Shanghai. He emphasized that authorities have recognized the challenges posed by large-scale international capital flows and are actively monitoring the situation. However, he stressed that China will not engage in competitive currency depreciation to boost domestic competitiveness.
The International Monetary Conference, based in Washington, brings together global financial leaders annually to discuss pressing issues in the international economic and financial landscape. The 2013 event was held in Shanghai, with key topics covering changes in the global regulatory environment, financial stability, sustainable development, Asian economic prospects, and strategies for the financial services sector in today’s evolving market. Discussions also focused on global systemic importance banks and cross-border crisis management.
Zhou Xiaochuan highlighted that China is making steady progress toward interest rate liberalization. He noted that the current economic conditions present a favorable window for further reforms in this area. Regarding the exchange rate, he pointed out that since the 2005 reform, the renminbi has appreciated by 35% against the U.S. dollar, though the actual increase may be even higher. He added that the decline in China’s foreign exchange surplus has created more room for further exchange rate marketization.
Zhou also mentioned that the pressure from hot money inflows into China remains significant. While the government is closely monitoring the situation, he reiterated that China will not resort to currency devaluation as a means to enhance its economic competitiveness.
In a related statement, European Central Bank President Mario Draghi, speaking at the same conference, acknowledged that the eurozone continues to face numerous challenges. However, he noted some signs of potential stability and expressed optimism that the second half of the year could bring a gradual recovery. Draghi attributed this expected improvement to accommodative monetary policy and strong export growth driven by rising external demand.