The International Monetary Fund (IMF) has declared that China’s currency, the yuan, is no longer undervalued in light of gains against many currencies aside from the dollar in recent months, Reuters reported, citing a statement from the fund. “Our assessment now is that the substantial real effective appreciation over the past year has brought the exchange rate to a level that is no longer undervalued,” the IMF said. It also called on China to achieve a floating exchange rate for the yuan within 2-3 years, and encouraged quicker reform of state-owned enterprises.
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