WASHINGTON—The International Monetary Fund, in a long-delayed review of China's economic policies, said the country's stimulus policies had boosted the global economy during a global downturn, but contended that China's currency remains "undervalued."

Some of the staff's conclusions were contained in a three-page summary of comments by the IMF's 24-person executive board on China's policies. The summary was published after a Wall Street Journal story on Tuesday said the staff had concluded that the yuan was "substantially...