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 reflects structural problems — prolonged high energy costs, elevated manufacturing costs, lagging infrastructure,

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 reflects structural problems — prolonged high energy costs, elevated manufacturing costs, lagging infrastructure, rigid regulation, underinvestment in innovation and digitalization, and path-dependent industrial development that has eroded international competitiveness.