On October 8, the RMB exchange rate, an important price in the financial market, has long attracted attention from various sectors, with recent discussions increasing. The People's Bank of China clarifies its policy stance on the RMB exchange rate as follows: China implements a managed floating exchange rate system based on market supply and demand, referencing a basket of currencies, and insists on allowing the market to play a decisive role in the formation of the exchange rate. Over the past two decades, the RMB exchange rate has fluctuated in both directions; since 2010, the RMB exchange rate has undergone multiple rounds of appreciation and depreciation cycles, with the characteristics of two-way fluctuation becoming more pronounced and its elasticity increasing. The development of China's trade is rooted in the enhancement of industrial international competitiveness. China has no need, nor intention, to gain trade competitive advantages through currency depreciation and does not engage in competitive currency devaluation.