The IMF estimated in early 2026 that the renminbi is undervalued by approximately 16%. The Chinese government’s response, encoded in the 2026 Government Work Report, is that the RMB will be kept “generally stable” at an “adaptive, balanced level.” Translated from the diplomatic idiom: Beijing intends to manage the currency at a competitive rate and will move slowly, if at all, on any revaluation that international institutions or trading partners request.