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China Intervenes to Lower Yuan
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In April 2012 the PBOC widened the trading range for the yuan to 1% from 0.5%. In Feb. 2014 the PBOC is expected to widen that trading range to 2%, as part of the PBOC's plan to gradually let the yuan trade freely. Increasing capital flows into China in 2013 and beginning of 2014 have led to appreciation of the yuan. To control one way appreciation the PBOC bought about $45 billion in foreign exchange in Dec. 2013, for the fifth month of net purchases. The yuan was at 6.1248 per dollar on Feb. 26, 2013. It has declined by 1.2% against the dollar from the beginning of 2014 to Feb 26. In 2013 the yuan gained 2.9%. The PBOC policy statements indicate that it sees the yuan at an "equilibrium level," or fair market value. The new policy to decrease its value slightly is designed to widen the trading range close to 2% and make trading a two way bet.
The People's Bank of China, China's central bank, and policies to widen the trading range for the yuan in 2014
02/27/2014
Efforts to lower the value of the yuan and widen the trading range in Feb. 2014 by the PBOC.
Grouped Articles
China Intervenes to Lower Yuan
Wall Street Journal 02/27/2014
In China, Shaking Up Currency’s Strength
New York Times 03/16/2014
Falling Yuan Curbs Cash Entering China
Wall Street Journal 03/20/2014
Crossing China's Big Red Currency Line
Wall Street Journal 03/21/2014
Deutsche Bank Economist to Join China's Central Bank
New York Times 04/09/2014
China Takes a Smoother Path to Currency Devaluation
Wall Street Journal 11/25/2015
China PBOC's efforts in early 2014 to slow and slightly reverse appreciation of the yuan and have it trade in a 2% up or down trading range
12/10/2013
PBOC continues to carefully manage the currency in 2014 by slightly lowering its value, with plans to widen the trading range up or down by 2%. The yuan appreciated by 2.9% in 2013.
Linked Articles
China Intervenes to Lower Yuan
Wall Street Journal 02/27/2014
Brawny Yuan Stands Apart from the Crowd
Wall Street Journal 12/10/2013
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