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China's CFETS Confirm Revision to USD/CNY Fix Methodology

CHINA FX

Wires confirm earlier source-based Reuters report that the PBoC are to discontinue the counter-cyclical factor in the compilation of the daily CNY fix.


  • CFETS state they are to change their price adjustment model of central parity rate for USD/CNY.
  • This follows a Reuters report earlier today stating that the PBoC had asked state banks to suspend the counter-cyclical factor in their compilations.
  • This effectively liberalizes the CNY further, allowing state banks to submit fixings more liberally and with less guidance from the PBoC.
  • This isn't the first time the PBoC have suspended the counter-cyclical factor. It was suspended around two years ago in 2018, only to be factored back into the calculation as US-China relations deteriorated.
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