The International Monetary Fund has called on China to undertake a series of reforms of its financial system, including loosening controls on its currency. The IMF said that Yuan is substantially undervalued even though China has allowed it to gradually appreciate against the US dollar since last year. The world body said the currency's appropriate value is between three and 23 percent higher than at present. Lawmakers in the United States have accused Beijing of intentionally undervaluing its Yuan to give Chinese exporters an unfair advantage on the global market. The IMF said China must carefully embark on a set of complex reforms to move from an export-driven economy to one that is consumer-driven. China's representative at the IMF, He Jianxiong, said the IMF current assessment ignores the trend exchange-rate movement as well as planned reforms that will be implemented in the medium-term.