China's currency remains “substantially” undervalued, the staff of the International Monetary Fund said yesterday, but the IMF's executive board was divided on the issue.
The disagreement among the 24-member board weakens the pressure on China further to revalue the renminbi after it abandoned its peg to the dollar in June.
“The [renminbi] remains substantially below the level that's consistent with current fundamentals,” said Nigel Chalk, the IMF's mission chief, on the conclusion of the fund's annual consultation with China.
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