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

Last updated on October 28, 2020

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 . . .

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