PBOC's Yi: Don't worry about yuan depreciation

MNI report on comments from PBOC Vice Governor Yi Gang on the yuan, the IMF and SRD

• There is no need to worry about yuan depreciation after its inclusion into the International Monetary Fund's Special Drawing Rights basket of currencies
• No basis for continuous yuan depreciation because of China's rate of growth, big trade surplus, continuous increase in foreign direct investment and ample foreign-exchange reserves
• Yuan exchange rate formation mechanism won't change after the inclusion into the basket
• China will continue to implement policy revisions
• During the transition from managed float to clean float China will take a gradual and prudent approach - helping the yuan's two-way flexibility while maintaining a stable currency around a balanced, reasonable level