'Softened' IMF tone eases yuan pressure

Allowing for gradual appreciation of Chinese currency recognized

Beijing - The International Monetary Fund's (IMF) softened tone toward China's exchange rate regime will ease pressure on the appreciation of the yuan, when the world's third-largest economy faces increasing risks of a slowdown, Chinese economists have said.

In a summary of comments by the IMF's 24-member executive board on Chinese policy released on Tuesday, the Washington-based lender welcomed China's recent decision to return to a managed floating exchange rate system but contended that the yuan was still "undervalued".