China Reintroduces Measure to Help Defend Yuan Exchange Rate
China’s central bank said it has revived its use of a “countercyclical factor” in calculating the yuan’s daily midpoint, with the aim of propping up the value of the currency and stabilize financial market sentiment.
The offshore yuan surged more than 300 pips to trade at around 6.87 against the U.S. dollar in late night trading after the People’s Bank of China (PBOC) made the announcement on Friday.
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