China tweaks the fix
CFETS announces intent to introduce a countercyclical adjustment factor to the USD/CNY pricing mechanism
The People’s Bank of China (PBoC) has said it plans to change the way it calculates the yuan’s daily fix, in its latest effort to stabilise its currency against excessive market volatility.
The China Foreign Exchange Trade System (CFETS), the trading entity run by the PBoC, announced on May 26 that it is thinking of introducing a “countercyclical adjustment factor” to the pricing mechanism of the USD/CNY fixing.
Since April, foreign exchange analysts have noticed a growing divergence between
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