PBoC may publish value of yuan against basket of currencies

 People’s Bank of China (PBoC) deputy governor Hu Xiaolian stated that the central bank may soon publish the nominal exchange rate against a basket of currencies on a regular basis, state media reported, citing a statement published on the bank’s website. Hu said that with the change the central bank hopes to divert a myopic focus on the yuan’s exchange rate against the dollar. He also said that the different currencies which comprise the basket would reflect the diversity of China’s global economic reach.