
The PBOC is changing its daily yuan fix to include a counter-cyclical adjustment factor, which ANZ says reduces the influence of the closing spot rate. ANZ notes the change may already have been in practice since April.
The new formula reduces transparency and gives authorities discretion over the fix.
Less predictable yuan fixing adds currency uncertainty for Chinese import costs, a modest and indirect factor for feed commodity prices.
過去の中立な政策イベント42件の後、中国人民元(1 USDあたりCNY) は5営業日で中央値 -0.0% 動き(50% が上昇。中央50%は -0.3% から +0.4%)、20営業日では -0.2% 動きました。
イベント直前の終値からの各商品ベンチマークの動き。過去の傾向は同種の過去イベントをまとめたものであり、起きたことを示すもので、今後を示すものではありません。投資助言ではありません。
The new fixing formula reduces the influence of spot closes and gives authorities discretion to set stronger yuan fixes.
It describes the same fixing change, which reduces the influence of spot closes and gives authorities discretion, a mechanism consistent with yuan strength.