An employee at a bank counter in Nantong, Jiangsu province, counts renminbi and dollars. [Photo/China Daily]

Yi said the yuan's depreciation against the dollar is quite limited compared with other currencies and it has risen significantly against a basket of major currencies in recent years, thus "presenting the characteristics of a stable and strong currency in the global monetary system".

He also said that in the future, it is absolutely possible that the yuan's exchange rate would "remain relatively stable at a reasonable and balanced level".