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The RMB is generally stable relative to the currency basket
On July 31, the IMF Board of Directors concluded its negotiations with China on Article 4.
According to the IMF report, China's current account surplus as a share of gross domestic product (GDP) fell by about 1 percentage point to 0.4% in 2018, and is expected to remain at 0.5% in 2019. According to the assessment, China's external position in 2018 is basically in line with the medium-term fundamentals and the level of policy response.
According to the report, the RMB exchange rate has depreciated considerably since August this year, but is generally stable relative to the IMF SDR basket. Since last year's Article IV negotiations, the real effective exchange rate of the RMB has depreciated by about 2.5%.
"The IMF believes that the level of RMB exchange rate in 2018 is basically in line with the economic fundamentals, and there is no obvious overvaluation or undervaluation, which is consistent with the conclusion of the Foreign Sector Report issued by the IMF in July this year." James Daniel, Assistant Director of Asia-Pacific and Chief Executive of China Affairs of IMF, said on the same day at a media conference that China's current account surplus has been declining in recent years. The IMF supports China to enhance the flexibility of the RMB exchange rate and continue to promote China's economic transformation, opening up and structural reform.
There is no basis for listing China as a "currency manipulator"
After the IMF report was released, major US media reported it for the first time, believing that there was no evidence that the Chinese government intervened in the exchange market. CNBC said the IMF denied in its report that China was a "currency manipulator". According to the Associated Press, the IMF found no evidence that the People's Bank of China deliberately lowered the exchange rate of the RMB, a position contrary to the U.S. government's decision to include China as a "currency manipulator". According to the website Politicians, the IMF report does not support US accusations of "currency manipulation" in China.

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