It had previously said the Chinese currency was "substantially undervalued".

之前说法的是中国的货币被“严重的低估了”。

youdao

The term used by some directors to describe the currency was "substantially undervalued."

部分理事会成员用“严重低估”这一词语描述人民币。

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On balance, the IMF's board of directors has concluded "that there is no clear evidence that the renminbi is substantially undervalued".

总体而言，国际货币基金组织董事会得出结论：“没有任何明确的证据显示，眼下人民币是被大幅低估了。”

youdao

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