"...or the IMF which still insists China's Yuan is undervalued".....|
Yuan no longer undervalued, says IMF
Wednesday, May 27, 2015
China's yuan currency, which Washington has long alleged was manipulated, is "no longer undervalued", the International Monetary Fund said on Tuesday.
"Our assessment now is that the substantial real effective appreciation over the past year has brought the exchange rate to a level that is no longer undervalued," the IMF said in a statement after a consultation mission to China.
Beijing is pushing for the currency to play a greater role in the world financial system, such as being included in the basket that makes up the IMF's own "special drawing rights" reserve currency.
"We urge the authorities to make rapid progress toward greater exchange rate flexibility, a key requirement for a large economy like China's that strives for market-based pricing and is integrating rapidly in global financial markets," the IMF said.