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china news service, beijing, september 25 (reporter xia bin) as of 8:15 am on the 25th, in the foreign exchange market, the offshore rmb spot exchange rate against the us dollar has risen above 7, reaching 6.9942, returning to the "6 range".

when asked at a press conference on the 24th, pan gongsheng, governor of the people's bank of china, said that the monetary policies of major economies have been adjusted recently, the pressure on the depreciation of the rmb exchange rate has been significantly alleviated, and it has turned to appreciation.

on september 18, the federal reserve announced a 50 basis point rate cut, the first rate cut in more than four years. this year, several major developed economies have also announced rate cuts. the european central bank has cut interest rates twice since june, a total of 50 basis points, and the bank of england cut interest rates by 25 basis points in august. central banks such as canada and sweden have also turned to rate cuts.

pan gongsheng pointed out that except for the bank of japan, the monetary policies of major economies have entered a cycle of interest rate cuts, and the momentum of the appreciation of the us dollar has weakened.

industry experts said that the interest rate cuts in major economies have significantly reduced the external pressure on the rmb exchange rate. as market expectations for the fed's interest rate cuts have increased and finally come to fruition, the us dollar index has continued to fall since august and has fallen by 3%, easing the depreciation pressure on non-us currencies and reversing the situation of greater depreciation pressure on the rmb exchange rate.

pang ming, chief economist of jll greater china, told china news service that with the federal reserve starting to cut interest rates and expectations of multiple rate cuts rising, developed economies are expected to follow the united states in starting a monetary policy adjustment cycle. the strong dollar trend is expected to be reversed, the interest rate gap between china and the united states is expected to narrow, and the renminbi will have more potential to remain basically stable at a reasonable equilibrium level.

in addition, the recent package of policy measures to stabilize the economy have taken effect, promoting the continuous improvement of social expectations, and the trend of china's economic consolidation and stabilization has become clearer, providing support and assistance to the strengthening of the rmb exchange rate and the good performance of chinese assets from a fundamental perspective. (end)