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China yuan's daily fixing proves difficult for analysts to predict

Speculation is that the authorities have reverted to using the reference rate to guide the currency's movements

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Uncertainty over China's exchange-rate policy has sparked turmoil in global markets this year, erasing over US$5 trillion from equity values and helping to send commodity prices to a 16-year low.

Shanghai

FOR a rate that China's central bank says is largely determined by easy-to- track market prices, the yuan's daily fixing is proving surprisingly hard for analysts to predict.

The reference rate, which restricts moves in the onshore yuan to a maximum 2 per cent on either

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