The People's Bank of China said it has neither the need nor the intention to seek a trade edge through yuan depreciation. It noted a structural shift in China's trade in recent years, with sensitivity to exchange-rate movements dropping significantly.

The central bank emphasized that China has never engaged in competitive currency devaluation or relied on yuan depreciation to boost exports amid various external shocks. It recalled pledges not to let the yuan depreciate during the Asian financial crisis in the 1990s and said its actions helped maintain regional economic and financial stability. The yuan stayed broadly stable during the 2008 global financial crisis, when many currencies fell against the U.S. dollar.

In recent years, as some countries pursued trade tensions and the Federal Reserve raised rates, non-U.S. currencies faced greater depreciation pressure. The PBOC said it timely deployed macroprudential policy tools to prevent the yuan from overshooting on the downside.