From the article:
"We can say with some confidence that the renminbi is now fairly valued, which is a striking change from even 2005, when the currency was undervalued by nearly 30 percent," Martin Kessler and Arvind Subramanian of the Peterson Institute for International Economics said in a report released this month.
Their calculation was based on a World Bank report that, based on purchasing power parity (PPP), China would this year overtake the United States to become the world's biggest economy.
"This change possibly heralds the end of nearly two decades of China's mercantilist development strategy based on boosting exports by keeping the currency artificially low," Kessler and Subramanian wrote.
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