Almost all economists believe the renminbi remains substantially undervalued in relation to other currencies.

FORBES: Text Of U.S. Ambassador Gary Locke's Amcham Speech In Beijing (Sept. 20)

The exchange rate remains substantially undervalued, but we have seen some important progress there to date.

WHITEHOUSE: Via Telephone

We know that it remains substantially undervalued.

WHITEHOUSE: Via Telephone

Stabilising an undervalued rate requires considerably less ammunition than trying to reverse substantially a steep depreciation.

ECONOMIST: Interventionist