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The Chinese Yuan is “still fairly” valued despite the recent sell-off against the US dollar, according to an International Monetary Fund (IMF) official, according to CNBC.

The Chinese currency has dropped 6.5 percent since mid June and was last seen trading around 6.8 per US dollar.

“The moves haven’t been that big by the standards of other emerging markets. It only takes the currency back to where it was at the beginning of the year and on the average of last year,” said James Daniel, the IMF mission chief for  China.