Khoon Goh, Senior FX Strategist at ANZ, suggests that it appears that there has been yet another change to the way the USD/CNY fixing is managed. Key Quotes “Greater emphasis is being placed on the RMB basket movements as opposed to the fixing rate against the USD. If this continues, it suggests there will be much larger two-way volatility in the USD/CNY fixings going forward. This should help manage exchange rate expectations by deterring the market from taking one-sided positions. We continue to expect modest RMB depreciation over the course of this year, and maintain our year-end USD/CNY forecast of 6.70.” For more information, read our latest forex news.