The firm commitment to a fixed-exchange-rate policy originates from very poor performance of macroeconomic policy and, consequently, poor performance of the Danish economy in the 1970s.
The PBC system will earnestly implement the decisions adopted at the 18th CPC National Congress, the Third and Fourth Plenums of the 18th CPC Central Committee, and the Central Economic Work Conference, follow the guidance of Deng Xiaoping Theory, the important thought of Three Represents and the Scientific Outlook on Development, continue the approach of seeking progress while maintaining stability, develop an accurate understanding and adapt to the new normal situation, strike a balance among preserving stable growth, promoting reform, adjusting structures, improving people’s livelihood and preventing risks, continue the sound monetary policy, maintain stability and consistency in the policy, focus more on the appropriate stance of the monetary policy and conduct preemptive adjustments and fine-tuning when necessary.