Currency manipulator claim shot down by IMF report

The International Monetary Fund said in a report on Friday that the yuan's exchange rate was "broadly in line with medium-term fundamentals" and China's central bank has made few foreign exchange interventions in recent years, clarifying that China is not as the United States has claimed a currency manipulator.

The IMF said that the country's external position in 2018 was "broadly in line with the level consistent with medium-term fundamentals and desirable policies".

The organization also welcomed China's efforts to reform its exchange rate regime to make the yuan more flexible, according to its report released after its latest Article IV consultation with China that concluded on July 31.