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Trade war

IMF contradicts Trump: China hasn't manipulated its currency

Yuan has been 'broadly stable' against other currencies, it says in yearly review

The International Monetary Fund logo is seen outside the headquarters building in Washington.   © Reuters

WASHINGTON (AP) -- The International Monetary Fund sees little evidence that China's central bank has deliberately reduced the value of the nation's currency -- a position at odds with the Trump administration's decision this week to accuse Beijing of manipulating the yuan.

The IMF said Friday in its yearly review of China's economy that the yuan has been "broadly stable" against other currencies, suggesting there's been little intervention by the People's Bank of China. A weaker yuan would give Chinese exporters a competitive price advantage over foreign rivals.

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