Yi says China's yuan will rise gradually

China's yuan will rise gradually to off-set long-term appreciation pressure, People's Bank of China assistant governor Yi Gang said Monday 16 October.

The official Xinhua news agency quoted Yi as saying that the current managed floating exchange rate was a success and had helped to mitigate concerns about the impact of a stronger currency on the nation's exporters.

"The yuan exchange rate will remain basically stable at a reasonable and balanced level, with a gradual yuan rise to counter long-