The latest report by International Monetary Fund (IMF) conclude
上海419d that the exchange rate of the Chinese yuan was “broadly in line with medium-term f
undamentals”, and the Chinese monetary authority barely intervened in the foreign exchange market.上海419
The report, released late Friday in Washington, was a blow to the lab
eling of China as “a currency manipulator” by the US administration, experts said.
The value of the Chinese currency and the country’s external position i
上海419品茶微信n 2018 were “broadly in line with the level consistent with medium-term fun
damentals and desirable policies,” the report said, citing that China’s current account surplus fell by around 1 pe
rcentage point to 0.4 percent of GDP in 2018 and is projected to remain contained at 0.5 percent of GDP in 2019.
Estimates showed that the People’s Bank of China, the country’s central ban上海419
k, has had “little FX intervention”, said the report, which is based on IMF’s latest Ar
ticle IV consultation with China, a review of the Chinese economy that concluded on July 31.
上海419品茶微信The IMF’s conclusion came in just four days after the US Treasury officially la
beled China as a “currency manipulator” on Monday. The Chinese yuan
weakened to beyond 7 per dollar for the first time in more than a decade earlier this week.上海419
“The IMF conclusion is objective and reflected that the renminbi was assessed to be broadly
in line with medium-term fundamentals. The result kept pace with what it said in July,” said Zhang Xiaohui, a s
上海419品茶微信enior researcher of the China Finance 40 Forum (CF40), and former assistant governor of the PBOC.
What the IMF concluded is a just decision, reflecting that the US labeling simply doesn’t hold water, according to Yu Yo
ngding, a senior economist at the Chinese Academy of Social Sciences and a consultant of CF40.