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Forex appreciation needed in key emerging mtks-IMF

Published 10/28/2010, 09:56 AM
Updated 10/28/2010, 10:00 AM

WASHINGTON, Oct 28 (Reuters) - Key emerging surplus economies should "begin in earnest" to allow their currencies to appreciate to help with rebalancing global demand, the International Monetary Fund urged on Thursday.

"In the absence of policies targeting the elimination of underlying distortions, global imbalances will continue to widen, threatening growth prospects in both advanced and emerging economies," the IMF said in an economic surveillance note presented to Group of 20 leading economies.

The Fund said the Chinese yuan remained "substantially undervalued," while the U.S. dollar was on the strong side. Meanwhile, exchange rates were broadly in line with fundamentals in Japan , the euro zone and in Britain . (Reporting by Lesley Wroughton)

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