Yuan "Safe-Haven Currency": China Central Bank Economist
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A senor economist with China's central bank has gone on-record saying that the Chinese yuan is likely to keep appreciating and become a "safe-haven currency" amid global turbulence.

Yao Yudong, head of the Research Institute of Finance and Banking at the People's Bank of China, says there remains no basis for the yuan's continued depreciation as it has held relatively firm against a basket of currencies.

This comes after the Chinese yuan set its central parity rate above 6.51 against US dollar on Monday, the first trading day after the Spring Festival.

It was also the highest fixing rate in a month.

On Tuesday, the central party rate for yuan rebounded slightly to close at nearly 6.52 per US dollar.

Earlier, the PBOC's central governor Zhou Xiaochuan also shrugged off investors' concern, saying there was no basis for it to fall further.

Author： 　　　Source：CRI　　　 Editor：Yang Fan