The PBOC has been setting the yuan reference rate with a strong bias in the past month or so, but the spot rate has generally kept trading at a weaker level than the fix, suggesting that onshore market demand for dollars remained strong and pointing to lingering yuan depreciation pressure. Photo: Reuters

PBOC adjusts formula for yuan fixing, sparking rise in currency

Move aimed at warding off potential capital outflows from impending rise in US interest rates

Topic |   Yuan

TOP PICKS

The PBOC has been setting the yuan reference rate with a strong bias in the past month or so, but the spot rate has generally kept trading at a weaker level than the fix, suggesting that onshore market demand for dollars remained strong and pointing to lingering yuan depreciation pressure. Photo: Reuters
READ FULL ARTICLE