Further, The Principles for the Guidance of Members’ Exchange Rate Policies (originally 1977, amended in 2007) notes that “ … C. Members should take into account in their intervention policies the interests of other members, including those in whose currency they intervene”.
Although the Articles of Agreement or The Principles do not define “manipulation” in any detail, IMF (2007) narrows the scope of manipulation by noting that “manipulation of the exchange rate is only carried through policies that are targeted at – and actually affect – the level of exchange rate.