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MNI Analysis: USD/CNY: A Less Managed Float

CHINA YUAN
We have published a quick primer on recent moves from the PBoC re: CNY market mechanics.
  • A RTRS sources piece hit the wires after Beijing hours on Tuesday suggesting that "the PBoC has neutralized the counter-cyclical factor in its daily yuan midpoint fixing… The PBoC has asked some of the 14 midpoint contributing banks to submit and adjust their models to better reflect flexibility in the exchange rate and let the currency become more market-driven."
  • The move was subsequently confirmed by CFETS, as the body noted that the adjustment will improve the transparency and efficiency of the CNY fixing and the market's role in the FX self-discipline mechanism.
  • Recent PBoC action surrounding FX market mechanics, in addition to the rhetoric that it has chosen to deploy, has highlighted/promoted the need for 2-way market activity, while justifying the multi-month yuan rally as fundamentally driven.
  • Click here for full piece.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsForeign Exchange Bullets

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