The People’s Bank of China reassured markets on Tuesday that there would be no more “sudden changes” in the renminbi, a day after the International Monetary Fund voted to include the Chinese currency in its basket of reserve currencies.
Yi Gang, deputy governor of China’s central bank, welcomed the IMF’s decision as a validation of the country’s reform efforts, which he pledged would continue after the renminbi joined the dollar, euro, yen and pound in the fund’s special drawing right basket.
“This decision is a very important symbol that recognises the stature of the renminbi and has made us very happy,” Mr Yi told reporters at a PBoC press conference in Beijing. “Our attitude towards the exchange rate won’t change but our market reforms will continue nonstop.”