"The system reform of the Renminbi (RMB) exchange rate has been successful. Reforms based on market supply and demand were implemented over a year ago. China's export competitiveness has remained strong; GDP and consumption also continue to grow," said Yi Gang, assistant to the Governor of the People's Bank of China.

He added that RMB exchange rate was likely to remain rationally stable to deal with long-term appreciation pressure.

By People's Daily Online