http://usa.chinadaily.com.cn/business/2015-08/12/content_21575800.htm
According to the PBOC, this move is to increase the relevance of the
daily fixing (which has stayed almost like a straight line in recent
months), making it more reflective of market forces. Market has exerted
persistent downward pressures on the yuan against the backdrop of weak
Chinese growth, expected US Fed move and depreciation of major
emerging-market currencies against the USD.
Against the backdrop of the recent informal Special Drawing Rights
(SDR) discussion at the IMF, Tuesday's move is likely intended to
improve the "market-driven" quality of the PBOC daily fix, so that it
can qualify to be used by the IMF as a SDR reference rate. Going
forward, the PBOC said it will continue to increase the "marketization"
of the renminbi exchange rate, open up the FX market further with
inclusion of qualified foreign entities, and gradually unite
onshore-offshore renminbi exchange rate.
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