Renminbi: are the days of the “counter-cyclical factor” numbered?
There’s growing chatter in China that a more market-driven renminbi could replace one of the most opaque rate setting systems know to foreign exchange
The “counter-cyclical factor” – the mechanism used by the People’s Bank of China (PBoC) to set the daily rate of the national currency – has over the past two years held the Chinese currency in its thrall.
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