China: Yuan stable against basket in January

ON Jan 29, 2016, the China Foreign Exchange Trade System (CFETS) RMB (renminbi) exchange rate index closed at 100.15, depreciating 0.78 per cent from the end of 2015.

The RMB exchange rate indices based on the BIS (Bank for International Settlements) basket and the SDR (Special Drawing Right) basket closed at 101.41 and 98.09 respectively, losing 0.30 per cent and 0.76 per cent from the end of 2015.

Two of the three RMB exchange rate indices were slightly above 100 and the rest slightly below 100 with only a slight depreciation from the end of last year, which is a …