China yuan 'substantially undervalued': IMF official
Published on Wed, Jul 28, 2010 at 20:10 | Source : Reuters
Updated at Wed, Jul 28, 2010 at 20:21
Like this story, share it with millions of investors on M3
0
Like this story, share it with millions of investors on M3
China yuan 'substantially undervalued': IMF official
International Monetary Fund staff believe the yuan is "substantially" undervalued based on expectations that China's current account surplus will increase as the global economic recovery gains strength, a senior IMF official said on Wednesday.
International Monetary Fund staff believe the yuan is "substantially" undervalued based on expectations that China's current account surplus will increase as the global economic recovery gains strength, a senior IMF official said on Wednesday.
The IMF's mission chief to China Nigel Chalk told a conference call that IMF staff believe the current account will "reassert itself" over the next five years, as exports pick up and the authorities withdraw fiscal stimulus measures.
He said the Chinese authorities had disagreed with the staff's assessment that the current account surplus will reach 8% of gross domestic product over the next 5 years.
