Oct
05
China’s Yuan Level Remains in Line With Fundamentals, IMF Says
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China’s yuan exchange rate remains “broadly in line with medium-term fundamentals” after its August devaluation, the International Monetary Fund said in a note on the nation’s economic transition.
While the Aug. 11 currency system shift had “large ripple effects” by creating uncertainty, the change is consistent with authorities’ intention to move to a more market-determined exchange rate, the IMF said. The note comes as the IMF looks at whether to add the yuan to its basket of reserve currencies, which is made up of the U.S. dollar, euro, yen and British pound…
China’s Yuan Level Remains in Line With Fundamentals, IMF Says
