China was frequently accused by a number of its trade partners of keeping the yuan artificially low to gain trade advantages and make its exports cheaper and, therefore, more attractive for customers abroad. However, the IMF concluded that over last few years the exchange rate had developed in such a way that it can be now officially recognized as fairly valued.
According to an evaluation of the Bank for International Settlements, the real effective exchange rate of the yuan has risen in the last five years by 33 percent.
The IMF declaration is a surprising blow to the dollar as the yuan now can become a likely part of the IMF's currency basket. With this move, China would be closer to its goal: to establish the yuan as a world currency and, thus, to break the dominance of the dollar in the long run.
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