The People’s Bank of China set the yuan’s floating midpoint at 0.05% stronger Friday compared to its Thursday level of RMB6.4010 against the US dollar, The Financial Times reported, the first such change under what it had earlier described as a more market-based foreign exchange scheme. The yuan had weakened 3% in the past three trading days, a much larger move than the currency sees in most years. The PBOC had announced on Tuesday it was modifying the mechanism used to calculate the fix for the onshore renminbi in a move that it claimed would give markets a greater role in determining the level of the subsequent fix.
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