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China considers changing yuan-fixing formula to curb volatility

This is seen as a step back from Xi Jinping's 2013 pledge to give markets a central role
Saturday, May 27, 2017 - 05:50

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Propping up the yuan has been a policy priority this year as Chinese authorities try to stem capital outflows and prevent financial shocks before an important leadership reshuffle in the ruling Communist Party at the end of 2017.

Beijing

CHINA is considering changes to the way it calculates the yuan's daily reference rate against the dollar, a move that is likely to reduce exchange rate volatility while undermining efforts to increase the role of market forces in Asia's largest economy.

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