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In a blog post published on Wednesday, the International Monetary Fund (IMF) said monetary easing was unlikely to weaken a country’s currency enough to make a lasting improvement on the trade balance.

“Currency intervention, countervailing tariffs, taxing capital inflows likely to be ineffective, negatively impact the orderly working of the international monetary system,” the IMF argued. “Steps to weaken currencies by buying foreign currencies, taxing capital inflows likely to encourage retaliation and make all nations worse off.”

Commenting on the slowdown in China’s economic growth, IMF said that China needs structural reforms to rebalance its economy, including opening sectors to foreign competition, enhanced social safety net, and reforms to the state enterprises.