china’s financial sector opening up and currency reform on the new journey
the 20th national congress of the communist party of china (cpc) was successfully held in october 2022. the congress emphasized that the central task of the cpc will be to lead the chinese people of all ethnic groups in a concerted effort to realize the second centenary goal of building china into a great modern socialist country in all respects and to advance the rejuvenation of the chinese nation on all fronts through a chinese path to modernization.
over the past decade，china made significant progress in opening up the financial sector. major milestones include the launch of stock and bond connect and rmb assets being added to major world indices. meanwhile，the rmb exchange rate under the managed floating framework has witnessed wider movements in both directions after the reform in march 2014 and august 2015，also breaching the level of 7 yuan per us dollar in august 2019. the market is playing a more decisive role in the formation of the rmb exchange rate.
on china’s new journey to build a modern socialist country in all aspects，it is important to promote high-standard financial sector opening up，deepen the market-oriented currency reform，enhance the flexibility of the rmb exchange rate，and keep the rmb exchange rate basically stable at an adaptive and equilibrium level.
building a high-standard socialist market economy
