Currency adjustment 'due to market forces'

The sudden depreciation of the yuan this week is a result of a market-oriented exchange rate regime and is not a move simply to stimulate exports, a top central bank official said on Thursday.

"It is a myth to say the government will cut the yuan's value by 10 percent to promote exports," said Yi Gang, the deputy governor of the People's Bank of China, who is also in charge of the State Administration of Foreign Exchange.

Reuters reported on Wednesday that an anonymous official said top policymakers would like to see a 10 percent depreciation of the yuan as a measure to strengthen exports and stabilize overall economic growth.