# China’s Misguided Exchange-Rate Machinations by Yu Yongding - Project Syndicate

> Yu Yongding criticizes the PBOC's August 2015 move to set the yuan's central parity against the previous day's close within a 2% band. The reform triggered market panic and a 3% yuan decline in four trading days, and it was abandoned. He argues the step toward a market-driven exchange rate was wrongly reversed.

- Date: 2017-08-24 · published 2017-08-24T12:00:00.000Z
- Category: policy · region China · magnitude low
- Page: https://feedsoft.ai/events/10859-china-s-misguided-exchange-rate-machinations-by-yu-yongding-project-syndicate
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

The commentary concerns the design of China's exchange-rate regime rather than a new policy change. It has no direct near-term effect on feed ingredient prices.

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2022-01-22 | [Yuan exchange rate seen staying stable - Chinadaily.com.cn](https://feedsoft.ai/events/43359-yuan-exchange-rate-seen-staying-stable-chinadaily-com-cn.md) | +0.3% | -0.2% |
| USDCNY | 2019-10-20 | [China’s yuan exchange rate ‘appropriate’ after recent weakening, central bank chief says \| South China Morning Post](https://feedsoft.ai/events/56815-china-s-yuan-exchange-rate-appropriate-after-recent-weakening-central-bank.md) | -0.2% | -0.8% |
| USDCNY | 2017-09-24 | [China wants to reduce control of changes in yuan's exchange rate - Chinadaily.com.cn](https://feedsoft.ai/events/69191-china-wants-to-reduce-control-of-changes-in-yuan-s-exchange-rate-chinadaily-com.md) | +1.0% | +0.7% |
| USDCNY | 2019-03-10 | [China won't use exchange rate for competition: Official \| The Straits Times](https://feedsoft.ai/events/60335-china-won-t-use-exchange-rate-for-competition-official-the-straits-times.md) | -0.1% | -0.0% |
| USDCNY | 2021-06-18 | [Central bank targets exchange rate stability - Chinadaily.com.cn](https://feedsoft.ai/events/7118-central-bank-targets-exchange-rate-stability-chinadaily-com-cn.md) | +0.3% | +0.5% |

## Sources

- project-syndicate.org: https://www.project-syndicate.org/commentary/china-misguided-exchange-rate-reform-by-yu-yongding-2017-08

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