By Miriam Marcus, 01.26.09
03:25 PM EST
Fortune Magazine
The International Monetary Fund intensified the brewing U.S.-China trade war on Monday, agreeing with the American contention that the yuan is undervalued.
On Monday, the International Monetary Fund’s managing director, Dominique Strauss-Kahn, said the Chinese yuan is “significantly undervalued” and that it would be in Beijing’s best interest to have a less rigid foreign-exchange policy. The IMF suggested China boost its economic growth by increasing domestic consumption rather than relying on exports.
“We need the Chinese to change their foreign exchange rate policy, try to have less export-led growth shifting to more domestic-led growth. That is the result we want to achieve,” he told students at Washington's Georgetown University.
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