Australian economists refute U.S. accusation of China's "currency manipulation"
"The rest of the world is telling China it needs to open up its markets, yet when it allows a minor drop in its currency, it is accused of manipulation by a country that has a freely floating exchange rate," said the article.
"Neither the IMF nor the U.S. Treasury itself considers the RMB undervalued," the professor told Xinhua. "Letting the exchange rate edge down is in line with market pressure around the weakening Chinese economy," he said. "The movement of the Chinese currency is in line that of the Australian dollar for example."