Central Bank Sidesteps Questions on Yuan Reference Rate After Plunge
China’s central bank isn’t saying whether it has changed the way it calculates the yuan’s daily reference rate. But based on the Chinese currency’s recent dive against the U.S. dollar, a lot of people believe it has.
The People’s Bank of China (PBOC), in a response to an emailed request from Caixin, neither confirmed nor denied that it had told banks to suspend the use of the “countercyclical factor” when they calculate the daily reference rate, as reported by Bloomberg News on Tuesday.
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