The RMB has been a strong currency, appreciating about 30 percent and more than 20 percent respectively against a basket of currencies and the US dollar in the past two decades and more. Looking at the capital flows and balance of payment, current account surplus as a share of GDP declined from 10 percent in 2007 to 0.5% in 2018.
The BOP is broadly balanced. Under the current monetary policy framework, we have plenty of monetary policy instruments including interest rate policy and required reserve ratio and are capable of managing risks effectively. As I see it, we are able to meet the need of financial industry opening-up. Many global investors want to invest in RMB assets.