Director Xiang Songzuo of the Greater Bay Area Financial Research Institute in Shenzhen: Exchange rates are not a valuation of an economic system

In early 2026, the Chinese yuan continued to appreciate, with onshore and offshore exchange rates reaching new highs since March 2023. Recently, Xiang Songzuo, Director of the Shenzhen Bay Area Financial Research Institute, stated in an interview that short-term exchange rate fluctuations are mainly influenced by market speculation sentiment, while long-term trends may be related to the real economy. He believes that the exchange rate is an anchor for an economic system, and an ideal state would be a fixed exchange rate. Additionally, he shared his views on dollar credit, the internationalization of the yuan, and pointed out that dollar hegemony is rooted in the comprehensive national strength of the United States. He also emphasized that the internationalization of the yuan requires advancing financial market openness. (Meiri.com)

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