Pan Gongsheng: The Federal Reserve cut interest rates by 50 basis points, and the monetary policies of major economies have entered a cycle of interest rate cuts

Pan Gongsheng, governor of the People's Bank of China, said that the monetary policies of major economies have been adjusted recently, and the pressure on the depreciation of the RMB exchange rate has been significantly relieved. The Fed's 50 basis point interest rate cut is the first interest rate cut after the interest rate hike cycle in the past few years. 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. As the difference in domestic and foreign monetary policy cycles converges, the external pressure on the basic stability of the RMB exchange rate has been significantly reduced. (Jinshi)