IMF Says Yuan No Longer Undervalued Amid Reserve-Status Push
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The International Monetary Fund dropped a long-held view that the yuan was undervalued, contradicting the U.S. assessment and strengthening China’s case for the currency to win reserve status at the lender in a coming review.
“Appreciation over the past year has brought the exchange rate to a level that is no longer undervalued,” the IMF’s mission to China said in a statement Tuesday. “China should aim to achieve an effectively floating exchange rate within two to three years.”