Posts Tagged ‘principal driver of economic growth.’
Jul 29 2010
WASHINGTON – The Chinese currency is “substantially” undervalued, a senior IMF official said Wednesday, despite Beijings action to let the yuan trade more freely.
“I think the staff view on the currency is that the renminbi (yuan) remains substantially below the level that is consistent with medium-term fundamentals,” said Nigel Chalk, who recently led an International Monetary Fund mission to China for annual consultations on Beijings policies.
He made the comment following a split within the IMF over the current value of the Chinese currency apparent in a report issued late Tuesday by the Washington-based funds executive board after the consultations.
