Experts: IMF report proves US claim groundless

CNC
Added On August 14, 2019

According to IMF's report,China's real effective exchange rate in 2018 is estimated to be at the same level as warranted by fundamentals and desirable policies.
 
The IMF report came a few days after the United States unilaterally labeled China as a "currency manipulator," which prompted widespread criticism.
 
Official at the People's Bank of China Zhu Jun said:
 
" The U.S. currency move denied China's long-time effort in reforming its exchange rate system and keeping the yuan's exchange rate stable, in addition to breaking international rules by judging other countries' currency rate based on its domestic laws."
 
Chief analyst at China Minsheng Bank Wen Bin said:
 
"A country's currency exchange rate depends on its economic fundamentals, which in China's case are represented by stable fiscal condition, contained financial risks, as well as the overall balance of international payments and capital flow."
 
The RMB's exchange rate reflects China's fundamentals and is stable against a basket of currencies.
 
Chief economist at the brokerage Changjiang Securities Wu Ge said:
 
"The U.S. move, which is reckless and groundless, went against the IMF assessment of the RMB exchange rate and contradicted its own criteria in assessing currency manipulation."