- CNY substantially undervalued on real effective terms
- BRL, ZAR looking increasingly overvalued
- EUR, JPY broadly in-line with fundamentals
- USD on the strong side of fundamentals; some depreciation would help global rebalancing
- Recovery to continue in advanced economies but remain moderate
- Tensions in euro zone periphery pose significant risk to recovery in region, possibly beyond
- Potentially steep correction in Chinese property market an emerging risk to global recovery
Report prepared for the G20 meeting.