We will further improve the yuan exchange rate formation mechanism and constantly make the exchange rate more responsive to market supply and demand.
This move doesn't mean there will be a fundamental change of the yuan exchange rate formation mechanism. In response to some problems experienced by banks in their quoting rates to clients, some adjustments were made to expand the buying-selling rates spread, which is now basically consistent with other countries' practice in the range of quotation rates.
Financial institutions and export and import enterprises have basically adapted to the flexibility of the exchange rate regime and show strong confidence in their future business.
This move serves to give commercial banks more discretion in pricing so that they can effectively balance the returns with cost and manage risks.
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