EFTA Document EFTA01459583

15 January 2016 Global Economic Perspectives: China's evolving FX policy The first phase of that transition was a crawling peg regime from 2005 to 2013 and with it the progressive widening of the trading band around the central parity rate. The August 11 announcement made the central parity more market determined. The introduction of a reference basket provides some guidance for how the PBOC views the value of the currency - and perhaps an indication of future interventions. It may be s