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Yuan-Niversary: One year since exchange rate reform

It has been a year since the People’s Bank of China (PBOC) carried out extensive exchange rate reform, marketizing the yuan’s exchange rate against the dollar.

The PBOC now maintains the stability of the yuan against a basket of currencies set by the International Monetary Fund (IMF), fixing the yuan’s daily trading midpoint according to the currencies’ closing rates on the previous day.

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