The deputy governor of the People's Bank of China, Yi Gang, commented on the recent fall of the yuan against the dollar in an interview with state-run media on Sunday. He insisted that the yuan remains stable and strong against most currencies, with the exception of the dollar.

The yuan has continued to fall against the dollar since the beginning of this month amid the worldwide trend of a strong dollar.

The yuan slumped to its lowest point against the dollar in 8 years and 5 months, or since the 2008 global financial crisis.

The downward trend has triggered speculation that the uncertain future of the Chinese economy is causing the currency to continue falling.

Yi told the media that the recent fluctuations in the yuan's value have been caused by external factors, such as the US presidential election result and growing sentiment among market players that the US Federal Reserve could soon raise the key interest rate.

He said the quotation of the Chinese currency is decided not only in reference to the US dollar, but also to 12 other key currencies. He said the yuan remains stable and strong against those 12 currencies.

Regarding China's shrinking foreign exchange reserves, Yi said China's figure remains the highest in the world, and that the country holds more than enough of such reserves.

He admitted that there are comparatively strong trends of Chinese people seeking stable assets abroad.

But he said he believes money will return to China if its economy becomes stronger again.