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China steps closer to giving dollar a run for its money

An employee counts money at a branch of Industrial and Commercial Bank of China Limited (ICBC) in Huaibei, Anhui Province of China.
ChinaFotoPress | Getty Images

In its battle for global economic supremacy, China has scored a key point.

The IMF changed its opinion on the value of China's currency, the renminbi, more commonly called the yuan.

"While undervaluation of the Renminbi was a major factor causing the large imbalances in the past, our assessment now is that the substantial real effective appreciation over the past year has brought the exchange rate to a level that is no longer undervalued," IMF staff members wrote. (Tweet This)