US softens discourse on renminbi ahead of SDR review
Treasury drops 'significantly undervalued' reference in flagship report on exchange rate policies
The US government has dropped its long-standing description of the renminbi as "significantly undervalued" from a flagship report on other countries' financial policies, softening its rhetoric ahead of the International Monetary Fund decision of whether to designate it a special drawing rights (SDR) currency next month.
In its semiannual report on international economic and exchange rate policies, submitted to Congress on October 19, the US Treasury said the RMB "remains below its appropriate
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