BEIJING, Oct 23 (AFP): China has hit back at the International Monetary Fund after the organisation pressed Beijing to free up the exchange rate for the yuan, state media said today.
Speaking at the annual meeting of the IMF and World Bank in Washington last weekend, Vice Finance Minister Li Yong said the Fund should not put too much emphasis on the exact exchange rates of the currencies of member nations.
"The Fund's exchange rate surveillance should focus on whether a member country's exchange-rate regime is consistent with its medium- term macroeconomic policies," Li said, according to the Xinhua news agency. China de-linked the yuan from the US dollar in 2005 and has since allowed it to rise nearly 10 percent against the greenback, but critics of the nation's trade surplus argue it is not enough.
China hits back at IMF over yuan
FE Team | Published: October 24, 2007 00:00:00 | Updated: February 01, 2018 00:00:00
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