The International Monetary1 Fund has declared that the exchange rate of the Renminbi is fairly valued.
国际货币基金组织宣布，人民币汇率估值合理。
The IMF held a press conference for the completion of the 2015 Article IV
Consultation2 to China in Beijing.
The organization's First Deputy Managing Director, David Lipton said the exchange rate of Renminbi is no longer undervalued after the past 12 months.
"While the undervaluation of Renminbi was a major factor causing the large imbalance in the past, our
assessment3 now is that the substantial real effective
appreciation4 over the past year has brought the exchange rate to a level that is no longer undervalued."
He also highlights the need to make rapid progress towards greater exchange rate
flexibility5 as China is integrating rapidly to the global financial market.
"Greater flexibility, with
intervention6 limited to avoiding disorderly market conditions or excess
volatility7, will also be key to prevent the exchange rate from moving away from
equilibrium8 in the future. We believe that China should aim to achieve an effectively floating exchange rate within 2-3 years."
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