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OPINION

Editorial: It’s the Right Time for Further Tweaks to the Yuan Fix

In the two years since Chinese authorities made a major change in how the reference rate of the yuan is calculated against the U.S. dollar, the currency has gone through some bumpy times. But the yuan’s exchange rate has been stabilizing, and discussion about further changes has resurfaced.

The range of the yuan’s daily fluctuation against the U.S. dollar is no longer the key point. How to set the midpoint rate, around which the yuan is allowed to trade, is the difficult part. The flexibility of the yuan’s exchange rate depends on the progress of supportive reforms.

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