WASHINGTON, March 1 (Reuters) - The U.S. dollar is still somewhat overvalued, while the Chinese renminbi is substantially undervalued, the International Monetary Fund said on Monday.

In a note to Group of 20 ministers meeting in Seoul, South Korea, at the weekend but only released on Monday, the IMF said the recent depreciation of the euro has moved it towards its fundamental value. Meanwhile, the Japanese yen is broadly in line with medium-term fundamentals following its sharp decline since late 2008, the Fund added.

(Reporting by Lesley Wroughton; Editing by Andrew Hay)