China has ramped up its effort to slow the depreciation of the yuan against the dollar this week and market participants widely believe that the People's Bank of China (PBOC) may follow up with more policy measures if the weakness persists.
The PBOC set stronger-than-expected midpoint fixing rates this week and state banks were spotted selling dollars a few times in both onshore and offshore markets, sources said, in the strongest sign yet authorities are growing increasingly uncomfortable with the yuan's quickening slide.
Following is a list of policy moves and measures by the PBOC to curb excess yuan volatility over the past few years:The PBOC first added the counter-cyclical factor to its formula for fixing the daily midpoint for the yuan-dollar exchange rate in 2017. Currency traders regard any significant discrepancy between market projections of what the fix might be and where the PBOC actually sets the midpoint as an indication of which way the central bank wants to nudge the market.China's major state-owned banks have recently been spotted selling dollars and, although they have their own orders to execute, it was assumed they were acting at the behest of the PBOC, sources told Reuters.
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