The International Monetary Fund has softened its stance on the Chinese renminbi, calling the currency “moderately undervalued” against a basket of currencies, an important change in wording that will make it easier for Beijing to rebuff foreign criticism of its exchange rate regime.
The IMF previously described the Chinese exchange rate as “substantially undervalued”, but in a report released yesterday said the country’s shrinking trade surplus and the renminbi’s appreciation in recent years meant that it was now closer to fair value.
The change in assessment comes after the IMF conducted an annual review of the Chinese economy last month.
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