IMF official says China should be able to manage yuan transition

October 6, 2016 7:14 PM EDT

Chinese 100 yuan banknotes are seen on a counter of a branch of a commercial bank in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo


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WASHINGTON (Reuters) - China can continue to make progress towards a floating exchange rate over time without a major disruptions to the yuan's value, a senior International Monetary Fund official said on Thursday.

Markus Rodlauer, deputy director of the IMF's Asia-Pacific department, told a news conference that Chinese authorities have been very "skillful" in navigating a transition away from a hard currency peg to the dollar and avoiding speculative bubbles.

Asked whether he expected another major devaluation, he said: "It will continue to have bumps on the way, but I think it's reasonable to expect that they will remain successful in managing this transition well in a gradual way, without the kind of disruption that you have asked about."

(Reporting by David Lawder; Editing by Sandra Maler)



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