Report says PBOC shifts focus to yuan defense

State media reported that the People's Bank of China is to change the way that it sells sterilization bills into the market, indicating a policy shift towards defense of the exchange rate.

The China Securities Journal said in a front-page report that this week's People's Bank of China (PBOC) decision to shift away from price auctions and towards the sale of one-year bills based on bids for volumes on Tuesday underlines the commitment of monetary policy makers to maintain a sizeable gap between