▁doub ts ▁on ▁the ▁strength ▁of ▁the ▁economy . ▁Such ▁a ▁dep reci ation ▁is ▁typical ▁of ▁a ▁country ▁whose ▁exports ▁are ▁at ▁risk , ▁as ▁shown ▁by ▁the ▁drop ▁of ▁the ▁p ound ▁after ▁Bre x it , ▁and ▁in ▁July ▁ 2 0 1 9 ▁the ▁IM F ▁found ▁the ▁y uan ▁to ▁be ▁correctly ▁val ued , ▁while ▁the ▁doll ar ▁was ▁over valu ed . ▁In ▁August ▁ 2 0 1 9 , ▁the ▁central ▁bank ▁of ▁China ▁( P BO C ) ▁let ▁the ▁ren min bi ▁fall ▁over ▁ 2 % ▁in ▁three ▁days ▁to ▁the ▁lowest ▁point ▁since ▁ 2 0 0 8 ▁as ▁it ▁was ▁hit ▁by ▁strong ▁sales ▁after ▁thre ats ▁of ▁further ▁USA ▁tar iffs . ▁ ▁International ▁consequences ▁ ▁Prom inent ▁econom ists ▁including ▁World ▁Trade ▁Organ ization ▁( W TO ) ▁Director - General ▁Pascal ▁Lam y , ▁U . S . ▁Federal ▁Reserve ▁Chair man ▁Ben ▁Bern an ke , ▁Nobel ▁La ure ate ▁Paul ▁K rug man , ▁Director ▁of ▁the ▁Pet erson ▁Institute ▁for ▁International ▁Econom ics ▁Fred ▁Berg sten , ▁and ▁Corn ell ▁University ▁Professor ▁E sw ar ▁Pr as ad ▁have ▁repeatedly ▁stated ▁that ▁China ' s ▁currency ▁is ▁under valu ed . ▁ ▁Pet erson ▁Institute ▁of ▁International ▁Econom ics ▁study ▁said ▁in ▁ 2 0 1 0 ▁that ▁the ▁y uan ▁was ▁ 2 0 ▁percent ▁under valu ed ▁versus ▁the ▁doll ar . ▁ ▁An ▁under valu ed ▁currency ▁causes ▁serious ▁problems ▁and