the china’s foreign exchange market shows greater resilience since the reform
at the start of the "august 11" exchange rate reform in 2015，china experienced intensive cross-border capital flow shocks，witnessing capital outflows，foreign reserve declines，and rmb depreciation. in 2017，the rmb exchange rate rebounded from falling. since then，the people’s bank of china (pbc) has mostly withdrawn from normalized intervention in the foreign exchange market，returning to a neutral exchange rate policy. the chinese foreign exchange market has since become increasingly resilient. this article analyzes the resilience of china's foreign exchange market and the reasons behind its resilience. it also proposes measures to further strengthen the resilience of the exchange market.
two signs that the chinese foreign exchange market has grown more resilient
since 2018，china's foreign exchange market has withstood a number of sharp drops in the renminbi exchange rate and capital flow reversals.
withstanding sharp rmb exchange rate falls
