China central bank official says yuan at right level, disorderly capital flows unlikely By Reuters

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© Reuters. FILE PHOTO: Man sits in front of the headquarters of the People’s Bank of China, the central bank, in Beijing

BEIJING (Reuters) – China’s yuan is at an appropriate level currently and its fluctuations will not necessarily cause disorderly capital flows, a senior official at the People’s Bank of China told Reuters on Tuesday. China is able to “navigate all scenarios” arising from Washington’s recent move to label Beijing a currency manipulator, Zhu Jun, head of the central bank’s international department, said in a text interview with Reuters. She said China was “shocked” by the U.S. Treasury Department’s move last week to label China a currency manipulator, hours after China let the yuan drop through a key support level to its lowest point in more than a decade.
China is confident that the yuan will be a “strong currency” over the medium and long term, Zhu said.

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