China No Longer Manipulating Currency, IMF Says

Law360, New York (May 28, 2015, 7:32 PM EDT) -- As U.S. lawmakers grapple with how to address foreign currency manipulation by China and other trading partners, the International Monetary Fund on Tuesday declared that it no longer considers Beijing to be undervaluing its currency to gain a commercial advantage.

Following two weeks of meetings with senior Chinese government officials and industry leaders, the IMF said the country — long pilloried by the U.S. and others for suppressing the value of its renminbi — has made “good progress” in reducing its large current account surplus and the accumulation of foreign exchange reserves.

“There are several factors influencing a country’s external position,...

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