Yuan rate 'at right level but fluctuation possible'

BEIJING - The exchange rate against the US dollar is currently at an appropriate level but could fluctuate in the future, Yi Gang, vice-governor of the central bank and head of the State Administration of Foreign Exchange, said on Sunday.

"In the future, as markets fluctuate and labor productivity changes, the rate will certainly show some fluctuation," he said at a seminar.

Last Thursday, the yuan's central parity rate rose to a record high of 6.5849 against the US dollar, after rising for three consecutive trading days, before declining to 6.5952 on Friday.