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introduced some indications of reform, ahead of IMF meeting over Yuan's fate, whether to add the currency to its Special Drawing Rights (SDR) this year or not.
Chinese government has been lobbying for long for the inclusion of Yuan but IMF as well as US officials have been criticized Chinese authorities over their interventionist attitude.
Today in a statement PBOC indicated that free market is likely to play some part in Yuan Dollar exchange rate.
Effective from August 11th, 2015, the quotes for central parity given by the market makers every day, before market opens should refer to the closing rate of interbank foreign exchange market a day before and it should be in conjunction with the supply/Demand in the forex market as well as movement of the major currencies
PBOC has long been introduces a 2% band both sides from the central parity, however movement in Dollar-Yuan exchange rate, which remained almost flat indicates, how heavily it is managed.
Today's move in which offshore Yuan has weakened as much as 2.9%, indicate how influential the central bank has been in the foreign exchange market.
IMF committee will have tough time to convince some partners such as US and Japan over the inclusion of Yuan in SDR basket, given the interventionist attitude of Chinese authorities both in foreign exchange and the country's stock market.
