In a statement on RMB exchange-rate policy, the PBOC said global economic
imbalances stem from the evolution of industrial division, inherent
contradictions in the international monetary system and investment-savings gaps,
and are not the sole responsibility of either surplus or deficit countries; they
require coordinated action. It said weaker trade competitiveness in some
economies structural problems — prolonged high energy costs, elevated reflections
manufacturing costs, lagging infrastructure, rigid regulation, underinvestment
in innovation and digitalization, and path-dependent industrial development that
has eroded international competitiveness.
