In fact, some Asian currencies, like the Indonesian rupiah, came under pressure when oil prices reached a record high this August. However, the economic fundamentals of most Asian countries are much stronger than in the 1970s when they were hit by the worst oil market turmoil ever. In addition, Asian countries responded swiftly this time by raising interest rates or slashing public fuel subsidies.
Next, the PBC will join hands with the CBIRC and other relevant departments to resolutely implement the guidelines of the Fifth Plenary Session of the 19th CPC Central Committee and the decisions and arrangements made by the CPC Central Committee and the State Council, follow the people-centered approach, uphold the new philosophy of development, remain committed to deepening reform and opening-up, adhere to systemic views, keep unleashing the benefits of relevant policies, and continue to motivate the financial system to cut profits in favor of the real economy, so as to achieve the annual target and create favorable conditions for constructing a new development pattern and promoting high-quality development.