How will the central bank respond to the wave of currency exchange and appreciation?
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The appreciation of the Renminbi has triggered a wave of currency settlement, prompting the central bank to take measures in response. The central bank maintains a "two-way floating" policy to avoid unilateral appreciation and depreciation. Despite the increased pressure for currency settlement, it is currently mainly in the phase of commercial banks settling on behalf of clients and has not yet entered the central bank's balancing phase. The central bank prefers to use liquidity management tools and macro-prudential measures to adjust settlement pressure rather than directly intervening in the exchange rate
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