The Bundesbank President Jens Weidmann said in an interview with Reuters on Friday that an expansive monetary policy alone will not be enough to achieve the long-term growth.

He also said that he did not believe that the recent market turbulences in China will have a significant impact on the global economy, adding that it was "a correction of the earlier dramatic rise in stock prices".

Weidmann noted that he was open to discussion on including the yuan in the International Monetary Fund's (IMF) benchmark currency basket.

"I am open in the discussion about taking the yuan into the IMF currency basket. The currency basket should in principle reflect relative global economic strengths," the Bundesbank president said.