The International Monetary Fund has declared that China’s currency is “no longer undervalued”, marking a significant shift after more than a decade of criticism of Beijing’s tight management of the renminbi.
The move amounts to a big vote of confidence in Beijing and the renminbi at a critical time. It also puts the IMF at odds with its biggest shareholder, the US, which insists that China continues to draw an unfair trade advantage from a renminbi that it considers “significantly undervalued”.
The renminbi has gained 25 per cent against the US dollar since it was allowed to adjust upwards within a narrow band a decade ago, and has held its value even as the dollar has strengthened against other major currencies over the past year.
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