US softens rhetoric on renminbi ahead of SDR review

Treasury drops "significantly undervalued" reference

Barack Obama with Chinese president Xi Jinping
Barack Obama with Chinese president Xi Jinping

The US government has dropped its long-standing description of the renminbi as "significantly undervalued" from a flagship report on the financial policies of other countries, softening its rhetoric ahead of the International Monetary Fund's (IMF) decision on whether to designate it a special drawing rights (SDR) currency next month.

In its semi-annual report on international economic and exchange rate policies, submitted to Congress yesterday (October 19), the US Treasury said the renminbi

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