China reveals details of yuan basket

China announced major currency market reforms on Wednesday 8 August and also published details of the basket of currencies to which the bank refers in managing the float of the yuan.

The People's Bank of China said in a statement that banks would be allowed to trade yuan currency forwards and swaps with each other in the onshore interbank market and that it would let more financial and import-export businesses participate in the spot foreign exchange market.

"To allow the market to play a grea