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IMF to begin discussions on its delayed review of China's economy next week

THE International Monetary Fund&rsquo;s (IMF) board will discuss a long-delayed assessment of China&rsquo;s economy on 8 July after it revised rules on how it assesses the foreign-exchange policies of member countries.<br /><br />Fund spokeswoman Caroline Atkinson said an IMF staff mission had concluded the China economic review on 10 June and it would now go to the IMF board for discussions.<br /><br />China has blocked the report since 2007 after the IMF changed its rules that year on how it monitors foreign exchange rates of member countries. Beijing considered the decision a ploy by the US to enlist the fund in its campaign for a stronger Chinese yuan.<br /><br />Such reviews are conducted annually by IMF staff for all of the fund&rsquo;s 186 member countries.<br /><br />But in a move widely seen as trying to mend relations with China, the IMF this week reversed guidelines on staff currency assessments, saying they should no longer seek to label currencies as &ldquo;fundamentally misaligned&rdquo;. IMF staff have long complained their ability to have frank discussions with member countries was undermined by the label.