
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.
在过去 42 次中性的政策事件之后,人民币(每 USD 的 CNY) 在 5 个交易日内中位数变动 -0.0%(50% 上涨;中间一半区间为 -0.3% 至 +0.4%),20 个交易日内为 -0.2%。
各商品基准价相对事件前最后收盘价的变动。历史数据汇总同类过往事件;仅描述已发生的情况,不代表未来走势。不构成投资建议。
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.