Published by Mark Smith-HalvorsenChina's yuan is still undervalued despite a looser global foreign exchange policy, according to a long-awaited report from the International Monetary Fund (IMF).Following a report in the Wall Street Journal which claimed the IMF would call the currency "substantially undervalued", the organisation published the delayed review yesterday (July 27th).The IMF's 24-member executive board on Chinese policy concluded that the currency remains undervalued despite the People's Bank of China's (PBOC) decision last month to remove the yuan's peg to the US dollar.Among the members of the board that believed the currency to be undervalued were the US, Germany, France and the UK, according to the Wall Street Journal."A number of others disagreed with the staff's assessment of the level of the exchange rate," the report added.The PBOC made the decision to remove the peg against the dollar, which has been in place since the start of the financial crisis, after calls from members of the international community for the country to be labelled a currency manipulator.For more information on international payments, visit our Smart FX site.