PBoC U-turns on tight currency grip

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PBoC U-turns on tight currency grip

Noah Sin
January 10, 2018 09:00 AM
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People walk past the China's central bank or People's Bank of China in Beijing Tuesday, Aug. 11, 2015. China devalued its tightly controlled currency on Tuesday following a slump in trade, triggering the yuan's biggest one-day decline in a decade. (AP Photo/Andy Wong) | Andy Wong/AP/Press Association Images

The People’s Bank of China has reportedly tweaked the way it sets the daily renminbi fix against the dollar, abandoning a key control mechanism it introduced last May. While some analysts hail the move as a sign of confidence from China, others say it exposes the failure of the PBoC’s previous FX policy.

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