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IMF: Yuan Not Undervalued

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GENEVA, Switzerland (November 25th) -The International Monetary Fund (IMF) recently stated that there was no clear evidence that China’s Yuan was substantially undervalued, countering claims by US exporters that the currency has been kept artificially low to give Chinese exports an advantage. In a review of the Chinese economy, the IMF said a currency revaluation […]

GENEVA, Switzerland (November 25th) -The International Monetary Fund (IMF) recently stated that there was no clear evidence that China’s Yuan was substantially undervalued, countering claims by US exporters that the currency has been kept artificially low to give Chinese exports an advantage. In a review of the Chinese economy, the IMF said a currency revaluation would not by itself have a major impact on global current account imbalances, particularly given China’s relatively small share in world trade. IMF said more flexibility of the Yuan, also known as the Renminbi, would be in China’s own interest. It would allow China more room to pursue an independent monetary policy, help cushion the economy against external shocks and help with adjustments to the structure of the economy, the IMF added. (MH) source:ChinaDaily

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