HONG KONG : The yuan has lost nearly 5 per cent of its value against the dollar this year and in recent weeks China's central bank has begun pushing back on the slide, fixing the currency's daily trading band at stronger-than-expected levels.Some analysts suggest the stronger fixing is due to the 'counter
HONG KONG : The yuan has lost nearly 5 per cent of its value against the dollar this year and in recent weeks China's central bank has begun pushing back on the slide, fixing the currency's daily trading band at stronger-than-expected levels.
The midpoint is calculated by the China Foreign Exchange Trade System , a unit overseen by the People's Bank of China prior to the onshore market opening at 09:30 a.m. CFETS seeks quotes from a panel of 14 market-making banks and produces the fix based on their input. Last year a source told Reuters that the banks were asked to apply the"counter-cyclical factor" to their calculations, and tweak their submissions to CFETS accordingly.First introduced in 2017, regulators said the CCF was an effort to better reflect supply and demand, and guide market participants to focus more on macroeconomic fundamentals.
It allows market-makers to discount the closing price, where it's deemed out of step with their expectations.It appears at times of yuan weakness. The CCF was abandoned in 2020 when the yuan rose sharply and authorities decided to let market forces play more of a role.
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