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China’s currency ‘no longer undervalued,’ IMF says, clearing entry to SDRs
gata.org / By Tom Mitchell and Shawn Donnan, Financial Times, London / May 26, 2015
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 major vote of confidence in Beijing and the renminbi at a critical time. It also puts the IMF at odds with its biggest shareholder, the United States, 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 upward 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.
The post China’s currency ‘no longer undervalued,’ IMF says, clearing entry to SDRs appeared first on Silver For The People.
Source: http://silveristhenew.com/2015/05/26/chinas-currency-no-longer-undervalued-imf-says-clearing-entry-to-sdrs/
