At a meeting behind closed doors which took place in March, some of China’s leading economists and bankers told the People’s Bank of China (PBOC) to stop fighting the financial markets and allow the value of the yuan fall.
They reportedly got nowhere. According to the Wall Street Journal (WSJ), an unidentified official from the PBOC reported that “the primary task is to maintain stability”, citing previously unreleased minutes from the meeting.
Beginning from March the fixing has started to follow the mechanism more.
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