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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

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.


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