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PBOC’s Yi Says China Reserves ‘Very Adequate,’ Yuan Stable

  • Yuan jumps most in more than three months after comments
  • Officials’ classic yuan rhetoric missing from Q&A statement
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People’s Bank of China Deputy Governor Yi Gang said the country has "very adequate" foreign reserves and the yuan remains strong compared with the currencies the central bank uses to set the exchange rate.

Capital will flow back to the country as the economy recovers and the business environment improves, Yi said in a Q&A statement released on the central bank’s website late Sunday. There’s no universal standard on the appropriate level of foreign reserves, and China still has the world’s biggest stockpile, Yi said.