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Zou Lan, Deputy Governor of the Central Bank: China does not seek to gain international competitive advantages through currency devaluation.
[Central Bank Vice Governor Zou Lan: China does not seek international competitive advantage through currency depreciation] Central Bank Vice Governor Zou Lan stated that China does not seek to gain international competitive advantage through currency depreciation. The People's Bank's position on exchange rate policy is clear and consistent. It will continue to uphold the decisive role of the market in exchange rate formation, maintain exchange rate flexibility, strengthen expectations guidance, prevent exchange rate overshooting risks, and keep the renminbi exchange rate basically stable at a reasonable and balanced level.