Aug
12
IMF Welcomes China’s New Yuan Mechanism, No Impact on SDR Push
ByThe International Monetary Fund welcomed China’s move to devalue the yuan and said it doesn’t directly impact the country’s push to win reserve currency status.
The comments by the IMF came as China cut the value of the yuan for a second day after surprising markets on Tuesday when it lowered the yuan’s value by the most in two decades. The central bank said the move would allow the market to play a greater hand in setting the currency’s value. Economists said the decision was also likely taken to boost exports.
The People’s Bank of China on Wednesday set the yuan’s reference rate at 6.3306 per dollar, 1.6 percent lower than Tuesday’s level…
IMF Welcomes China’s New Yuan Mechanism, No Impact on SDR Push
