China repegs yuan to basket of currencies

The People's Bank of China (PBoC) said on Thursday 21 July that it has scrapped the yuan peg to the US dollar and repegged the Chinese unit to a basket of trade-weighted currencies.

The trading band, which allows the yuan to move 0.3 pct either side of the mid-point will remain unchanged, the central bank said.

The central bank did not disclose the contents of the new basket, however. Non-US dollar currencies trading against the yuan will be allowed to trade within certain bands, the central b

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