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
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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.
Policymakers may add a "counter-cyclical factor" to the yuan's daily fixing, according to a government statement on Friday, which confirmed an earlier report by Bloomberg News. Analysts said the change would give authorities more control over the fixing and restrain the influence of market pricing.
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