The central bank: The supply and demand in the foreign exchange market are basically balanced, and the RMB exchange rate remains generally stable at a reasonable and balanced level.

People’s Finance News, March 31—The Monetary Policy Committee of the People’s Bank of China held its 2026 first-quarter (overall 112th) regular meeting on March 26. The meeting held that, since the beginning of this year, macro policies have been more proactive and effective; monetary policy has remained appropriately accommodative; efforts have been strengthened to adjust both countercyclical and cross-cyclical dynamics; and a comprehensive range of monetary policy tools have been used to create a suitable monetary and financial environment for the economy to keep improving and performing better. The reform of the loan prime rate (LPR) continues to release its effectiveness; the mechanism for the market-based adjustment of deposit interest rates has played an effective role; monetary policy transmission efficiency has been enhanced; and social financing costs are at historically low levels. In the foreign exchange market, supply and demand are basically balanced; the renminbi exchange rate operates with two-way floating and remains basically stable at a reasonable and balanced level. Overall, financial markets have been operating smoothly.