This is the case of the Chinese currency, but not only of the Chinese currency. Turning to price developments in the euro area, according to Eurostat, annual HICP inflation was 2.1% in April, unchanged from the previous two months.
Although much progress has been made, we are still at an early stage in understanding how best to meet these new macroprudential responsibilities. All of these developments have spurred a great deal of research within central banks, in academia, and elsewhere.