# PBOC reportedly stops using counter-cyclical factor in yuan midpoint fixing

> According to sources cited by foreign media, the People's Bank of China has told some quote banks to adjust the counter-cyclical factor in the midpoint formula. Under the change, quote banks no longer filter the prior day's intraday volatility through that factor. The other parameters of the formation mechanism were left unchanged, and no reason was given.

- Date: 2026-11-15 · published 2026-11-15T00:12:55.016Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/100229-pboc-reportedly-stops-using-counter-cyclical-factor-in-yuan-midpoint-fixing
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

Removing the counter-cyclical filter may make the yuan fixing track market moves more closely, which could increase currency volatility. This affects the cost of dollar-priced imports for Chinese feed buyers, though the direct grain price effect is small.

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2017-12-01 | [CNY fixing: Counter-cyclical factor in play - Westpac — Octa](https://feedsoft.ai/events/67713-cny-fixing-counter-cyclical-factor-in-play-westpac-octa.md) | +0.1% | -1.6% |
| USDCNY | 2018-08-27 | [China yuan counter-cyclical factor: currency tweak is trade war dovish](https://feedsoft.ai/events/63741-china-yuan-counter-cyclical-factor-currency-tweak-is-trade-war-dovish.md) | +0.4% | +0.8% |
| USDCNY | 2018-08-27 | [Yuan jumps as PBOC reinstates fix factor - CGTN](https://feedsoft.ai/events/63746-yuan-jumps-as-pboc-reinstates-fix-factor-cgtn.md) | +0.4% | +0.8% |
| USDCNY | 2021-06-02 | [China's yuan kept in check by weaker midpoint guidance, eyes on PBOC \| Financial Post](https://feedsoft.ai/events/46815-china-s-yuan-kept-in-check-by-weaker-midpoint-guidance-eyes-on-pboc-financial.md) | +0.3% | +1.3% |
| USDCNY | 2025-08-28 | [Chinese Yuan Rises After PBOC Fixing - WSJ](https://feedsoft.ai/events/23542-chinese-yuan-rises-after-pboc-fixing-wsj.md) | -0.2% | -0.3% |

## Sources

- yesdaily.com: https://www.yesdaily.com/xinwen_21831.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.