China May Publish Rate to Manage Yuan Versus Basket

China’s central bank will seek to publish a measure of the yuan’s value “regularly” to help it manage the exchange rate against a basket of currencies and not just the dollar, Deputy Governor Hu Xiaolian said.

The People’s Bank of China aims to publish the nominal effective exchange rate and this “should gradually become a reference for exchange-rate adjustments,” Hu said today in a statement on its website. These indexes are typically weighted according to the amount of trade a nation has with its partners and aren’t adjusted for inflation. She said this will help shift the market’s attention away from the rate against the greenback.