The International Monetary Fund says it believes China's currency Yuan is "no longer undervalued". The IMF has also projected the Chinese economy to grow by some 6.8 percent this year.
Following a consultation mission to China, the IMF said that effective appreciation had brought the RMB exchange rate to "a level that is no longer undervalued". China keeps a tight grip on the value of the Yuan, making it one of the world's most stable currencies.
China is also pushing for Renminbi to play a greater role in the world financial system, such as being included in the basket that makes up the IMF's own "special drawing rights" reserve currency.