China reportedly tweaks yuan fix
Markets reacted by selling the yuan, which fell 0.5% against the US dollar to 6.5291 from 6.4968 on Tuesday
The People’s Bank of China has reportedly changed the way it calculates the yuan’s daily fix by suspending the counter-cyclical factor it introduced in May last year when the currency was under strong depreciation pressure.
According to a report from Bloomberg, banks that contribute to the daily USD/CNY reference rate were told by the central bank to remove the effect of the CCF by adjusting the central parity exchange rate formation mechanism, which is based on the closing price of the
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