Pan Gongsheng, Deputy Governor of the People's Bank of China and Administrator of the State Administration of Foreign Exchange (SAFE), has recently met with William Conway, Co-founder and Co-CEO of The Carlyle Group in Beijing. The two sides exchanged ideas on global economic and financial trends and the exchange rate movements of major economies.

According to Administrator Pan Gongsheng, the currencies of major developed and emerging markets have depreciated recently on the rising expectations of the Fed's interest rate hikes. So has the RMB exchange rate against the USD. Nevertheless, the RMB exchange rate has stayed stable compared with other international reserve currencies and currencies of emerging market economies, falling slightly at the global level. Further, the RMB has appreciated against a basket of multilateral exchange rates. China's economy has been operating steadily, featuring positive progress in restructuring, faster growth of the new economic dynamics and stable financial markets. Under such circumstances, the RMB exchange rate will remain stable at a reasonable and even level, and there are no grounds for continuous depreciation.