Senior IMF official sees no need for yuan intervention

The recent fluctuations in the value of the yuan are largely in line with nation's economic fundamentals, suggesting no urgent need for an intervention by the central bank in the foreign exchange market, a senior official with the International Monetary Fund said in Beijing on Tuesday.

David Lipton, the IMF's deputy managing director, attributed the recent depreciation to a stronger dollar, driven by the US election and possible interest rate hikes in the near future.

The yuan's exchange rate reached an eight-year low in the past several days, but when compared with other emerging market peers, the currency has not seen a major adjustment, according to Lipton.