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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.
forexlive.com29 mei 2017Na 42 eerdere neutraal beleid-gebeurtenissen bewoog Chinese yuan (CNY per USD) zich mediaan -0,0% over 5 sessies (50% hoger; middelste helft -0,3% tot +0,4%), en -0,2% over 20.
Bewegingen van de benchmark van elke grondstof sinds de laatste slotkoers vóór de gebeurtenis. Historische waarden bundelen eerdere gebeurtenissen van hetzelfde soort; ze beschrijven wat er gebeurde, niet wat zal gebeuren. Geen beleggingsadvies.
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.
