| China's currency is no longer undervalued given its recent appreciation, but the government should pick up the pace in loosening controls on the exchange rate, the International Monetary Fund said. Economists critical of the IMF's assessment said it did not reflect the real value of the Chinese yuan, and that the IMF was being pressured by Beijing to help clear the way for the yuan to be added to the Special Drawing Rights basket.
The IMF said in a statement in Beijing on Tuesday that "our assessment now is that the real effective appreciation over the past year has brought the exchange rate to a level that is no longer undervalued.".......................................Full Article: Source
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