China ‘man­ag­ing tran­si­tion’ to sta­ble growth

The China Post - - ASIA - BY PAUL WISE­MAN

The In­ter­na­tional Mon­e­tary Fund de­liv­ered a re­as­sur­ing eco­nomic as­sess­ment of China on Fri­day, at the end of a week that saw the Chi­nese cur­rency plum­met and global stock mar­kets buckle at the prospect of more bad news from the world’s sec­ond-big­gest econ­omy.

In its an­nual checkup of the Chi­nese econ­omy, the IMF pre­dicted China’s econ­omy would grow 6.8 per­cent this year and 6.3 per­cent in 2016, un­changed from pre­vi­ous fore­casts. China last year reg­is­tered 7.4 per­cent growth, al­ready the slow­est since 1990.

On Tues­day, China rat­tled glob- al fi­nan­cial mar­kets by de­valu­ing its cur­rency, the yuan, by 1.9 per­cent, big­gest one-day drop in a decade. Bei­jing said the yuan was over­val­ued and the de­val­u­a­tion was meant to catch up to mar­ket forces, not coun­ter­act them. The IMF praised China for giv­ing in­vestors more say in its for­eignex­change rate.

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