China phases out counter-cyclical factor in yuan's daily fixing after recent sharp appreciation

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Chinese banks have phased out the use of the counter-cyclical factor in the daily fixing of the yuan after the currency strengthened sharply in recent months, a fresh sign that Beijing may be attempting to slow the pace of the yuan's rally.

Some of the 14 lenders who submit quotes for the US dollar-yuan exchange rate to the China Foreign Exchange Trade System, part of the People's Bank of China, every morning before it publishes its fixing have already stopped using the factor in their calculations, the CFETS said in a brief statement . . .

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