26 May 2015
Chinese Yuan no longer undervalued – IMF
FXStreet (Mumbai) - In a statement sent following an International Monetary Fund (IMF) mission to China, the IMF said China's yuan is now at a level where is is "is no longer undervalued".
The fund said China's current account surplus and foreign exchange reserves are "still too strong" and highlight "the need for other policy reforms".
From the statement
“On the external side, China has made good progress in recent years in reducing the very large current account surplus and accumulation of foreign exchange reserves. Nevertheless, staff projections for 2015 suggest that China's external position is still moderately stronger than consistent with medium-term fundamentals and desirable policies.”
The fund said China's current account surplus and foreign exchange reserves are "still too strong" and highlight "the need for other policy reforms".
From the statement
“On the external side, China has made good progress in recent years in reducing the very large current account surplus and accumulation of foreign exchange reserves. Nevertheless, staff projections for 2015 suggest that China's external position is still moderately stronger than consistent with medium-term fundamentals and desirable policies.”