Despite the recent decline, the IMF says the Chinese yuan is not undervalued

The International Monetary Fund says that dispite its recent decline the yuan is not undervalued:

• Said it welcomed the new approach to the daily setting of the reference rate
• Added that China needs to do more

Markus Rodlauer, the IMF's mission chief for China, told reporters in a briefing:

• "As China integrates more and more into the global financial system, it will be increasingly important for China to have a freely floating exchange rate"

More (including IMF comments on the stockmarket & the measures taken by Chinese authorities to suspend initial public offerings, pushing state institutions to buy shares, and blocking large shareholders from selling) at the Wall Street Journal, which is gated: IMF Says China's Yuan Isn't Undervalued, Despite Decline