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IMF softens China yuan stance to "moderately undervalued"
The International Monetary Fund softened its stance on the Chinese yuan to "moderately undervalued" against a basket of currencies, and lowered its medium-term forecast for the current account surplus to between 4 percent and 4.5 percent of GDP, in an annual review released on Wednesday. China has substantially reduced external imbalances but at the cost of significant domestic imbalances fuelled by its investment-driven growth model, the IMF said in the report. The review indicated that the Chinese currency, after years of appreciation, is finally coming into balance, but warned of risks if investment were to slow ... (full story)
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