June 8, 2012 / 8:56 AM / in 5 years

China's yuan is "moderately undervalued" -IMF exec

BEIJING, June 8 (Reuters) - China’s yuan currency is “moderately undervalued” at the current level, David Lipton, deputy managing director of the International Monetary Fund, said on Friday.

Lipton made the comments at a media briefing following annual consultations with Chinese officials.

The yuan was trading on Friday at 6.3705 to the dollar. It has lost about 1 percent since early May when it started a depreciation trend.

Lipton also said China’s economic slowdown has been moderate, adding Beijing’s response has been appropriate. The central bank on Thursday cut interest rates for the first time since late 2008. (Reporting by Koh Gui Qing; Editing by Ken Wills)

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