The PBOC said in its renminbi exchange-rate policy statement that medium- to long-term policy commitments are more effective at stabilizing expectations. It urged countries to set medium- to long-term policy plans, make clear commitments and implement them consistently, warning that short-term policy U‑turns can be counterproductive and that resolving structural global economic problems within one to two years is unrealistic. As an example, it said a 2025 global tariff war could spur pre-emptive

The PBOC said in its renminbi exchange-rate policy statement that medium- to long-term policy commitments are more effective at stabilizing expectations. It urged countries to set medium- to long-term policy plans, make clear commitments and implement them consistently, warning that short-term policy U‑turns can be counterproductive and that resolving structural global economic problems within one to two years is unrealistic. As an example, it said a 2025 global tariff war could spur pre-emptive import surges, exacerbate imbalances and damage global growth.