TOKYO, Oct 12 (Reuters) - China's yuan currency is near equilibrium and the central bank has dramatically reduced foreign exchange market intervention, the deputy governor of the People's Bank of China said on Friday.
"I am glad to report to you that the renminbi exchange rate is very close to its equilibrium level," Yi Gang said at a conference in Tokyo.
"People might not know that the People's Bank of China has dramatically reduced the intervention in the market place. For the past more than one year, the official reserves of China have been flat," he said.
(Reporting by Koh Gui Qing; Writing by Emily Kaiser; Editing Neil Fullick)
((emily.kaiser@thomsonreuters.com)(+65 6318 4763)(Reuters Messaging: emily.kaiser.reuters.com@reuters.net))
Keywords: IMF CHINA/