Improve a managed floating exchange rate system based on market supply and demand, adjusted with reference to a basket of currencies. Insist that the market plays a decisive role in exchange rate formation, and play the function of an automatic stabilizer and shock absorber for the exchange rate to regulate the macroeconomy and balance of payments. Take comprehensive measures to strengthen the management of expectations, prevent the risk of exchange rate overadjustments, and maintain the basic stability of the RMB exchange rate at a reasonable equilibrium level. In the first half of 2026, the highest central price of the RMB exchange rate against the US dollar was 6.8088 yuan, and the weakest was 7.0230 yuan. Out of 116 trading days, it appreciated for 60 trading days, remained flat for 1 trading day, and depreciated for 55 trading days. The maximum daily appreciation was 0.26%, and the maximum depreciation was 0.21%. The exchange rate of the RMB against major international currencies appreciated. At the end of June 2026, the exchange rate of RMB against the US dollar, the euro, the British pound, and the yen appreciated by 3.2%, 6.0%, 4.7% and 6.5%, respectively, compared to the end of 2025. From the 2005 reform of the RMB exchange rate formation mechanism to the end of June 2026, the RMB exchange rates against the US dollar, the euro, the British pound, and yen increased cumulatively by 21.5%, 28.9%, 59.9%, and 73.8%, respectively. Direct RMB transactions in the interbank foreign exchange market are active, and liquidity is stable, reducing exchange costs for enterprises and promoting bilateral trade and investment.

Improve a managed floating exchange rate system based on market supply and demand, adjusted with reference to a basket of currencies. Insist that the market plays a decisive role in exchange rate formation, and play the function of an automatic stabilizer and shock absorber for the exchange rate to regulate the macroeconomy and balance of payments. Take comprehensive measures to strengthen the management of expectations, prevent the risk of exchange rate overadjustments, and maintain the basic stability of the RMB exchange rate at a reasonable equilibrium level. In the first half of 2026, the highest central price of the RMB exchange rate against the US dollar was 6.8088 yuan, and the weakest was 7.0230 yuan. Out of 116 trading days, it appreciated for 60 trading days, remained flat for 1 trading day, and depreciated for 55 trading days. The maximum daily appreciation was 0.26%, and the maximum depreciation was 0.21%. The exchange rate of the RMB against major international currencies appreciated. At the end of June 2026, the exchange rate of RMB against the US dollar, the euro, the British pound, and the yen appreciated by 3.2%, 6.0%, 4.7% and 6.5%, respectively, compared to the end of 2025. From the 2005 reform of the RMB exchange rate formation mechanism to the end of June 2026, the RMB exchange rates against the US dollar, the euro, the British pound, and yen increased cumulatively by 21.5%, 28.9%, 59.9%, and 73.8%, respectively. Direct RMB transactions in the interbank foreign exchange market are active, and liquidity is stable, reducing exchange costs for enterprises and promoting bilateral trade and investment.