China's stock market correction since June this year is almost over and there is no foundation for a long-lasting depreciation of Chinese currency yuan, also known as renminbi (RMB), according to Yi Gang, deputy governor of the People's Bank of China.
The official made the remarks at the International Monetary Fund annual talks held in Lima last Friday. China's stock market had experienced several rounds of corrections and these corrections had limited direct impact on China's economy as the government took a series of measures to avoid systemic risks, said Yi.
He also said that the market-based RMB exchange rate reform will continue to proceed and RMB exchange rates will become more flexible and be kept basically stable at an adaptive and equilibrium level.
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