Yuan to Rise Slowly, Advisor to China Says

China's yuan will appreciate gradually, benefiting both the domestic and global economies, an influential economist and advisor to China's central bank said.

"Following the exchange rate reforms, the renminbi [yuan] will slowly rise within a managed range," advisor Yu Yongding said, according to the official Financial News.

Yu said reforms to the currency -- effected in July -- would spur domestic consumption and import growth and help reduce global trade imbalances.