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IMF says dollar is overvalued, yuan in line with fundamentals
From Reuters
Tuesday, July 24, 2018
WASHINGTON -- The International Monetary Fund said on Tuesday that the U.S. dollar is over-valued, China’s yuan is in line with fundamentals and nearly half of global current account balances are now excessive, adding to growth risks and trade tensions.
The IMF, in its annual External Sector Report, which assesses exchange rates and current account surpluses and deficits, also said current account surpluses and deficits are becoming increasingly concentrated in advanced economies.
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The report was based on data and IMF staff projections as of June 22.
However, China’s yuan has dropped significantly in recent weeks as trade tensions with the United States have intensified.
China’s yuan hit a fresh 13-month low on Tuesday of 6.8295 to the dollar as authorities in Beijing signaled further monetary loosening to support the economy amid an escalating tariff war with the United States.
U.S. Treasury Secretary Steven Mnuchin told Reuters exclusively on Friday that he was concerned about the yuan’s fall and the Treasury is “going to very carefully review whether they have manipulated the currency.”
... For the remainder of the report:
https://www.reuters.com/article/us-imf-currencies/imf-says-dollar-over-v...
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