China announces reference basket
NEWS
The US dollar, euro, yen and Korean won will act as reference currencies against which the Chinese unit will be referenced.
Seven other currencies, including the baht, sterling and ringgit will also be factored in to the RMB rate, according to Chinese authorities.
However, analysts question whether this really amounts to the basket that Chinese authorities claim it is. Bhanu Baweja, Singapore-based analyst for UBS, said: "These are the currencies of China's top four trading partners. But we don't
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