Economics
IMF Says Yuan Is Fairly Valued Ahead of U.S. Currency Manipulation Report
- Yuan broadly in line with economic fundamentals: IMF officials
- U.S. Treasury to release closely watched FX report this month
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The yuan is “broadly in line” with China’s economic fundamentals, a senior IMF official said, days before the U.S. Treasury Department is scheduled to release a closely watched report on currency manipulation.
China’s currency has fallen more than 6 percent this year against the dollar, prompting speculation it may fall through the key level of 7 per dollar. The decline has attracted the notice of the U.S., which is locked in a tit-for-tat tariff dispute with Beijing. In an interview Thursday, Treasury Secretary Steven Mnuchin said the U.S. wants to make sure the depreciation isn’t a “competitive devaluation.”