IMF says yuan ‘no longer un­der­val­ued’

China Daily (Canada) - - FRONT PAGE -

The Chi­nese cur­rency, known as the yuan or ren­minbi, is “no longer un­der­val­ued”, the In­ter­na­tional Mon­e­tary Fund said in Bei­jing.

The IMF had pre­vi­ously la­beled the yuan as “modestly un­der­val­ued”, de­spite the cur­rency’s grad­ual ap­pre­ci­a­tion since a land­mark 2005 reval­u­a­tion. The yuan has gained sharply against most non-dollar cur­ren­cies in re­cent months. Even against the strong green­back, the yuan rose 0.6 per­cent in the past 12 months.

The IMF dec­la­ra­tion came as China is lob­by­ing for the yuan to be in­cluded in the IMF’s Spe­cial Drawing Rights bas­ket of re­serve cur­ren­cies be­fore the fund makes a de­ci­sion in Oc­to­ber. (Photo 5)

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