IMF offers PBoC cautious approval as renminbi slide continues

People's Bank of China
The PBoC

The IMF has sounded a note of cautious approval as the Chinese authorities stuck with their new approach to the renminbi exchange rate, letting the currency slide a further 1.6% against the dollar today (August 12).

The new market-based policy "appears a welcome step", the IMF says in a statement. The People's Bank of China (PBoC) announced on August 11 market forces would play a greater role in setting the "central parity" exchange rate, although the central bank will still intervene.

"Greater

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