The International Monetary Fund is backing China's new regime for setting the fix each day, adding that it hopes China will implement a floating exchange rate within two to three years.
The IMF called the new mechanism, which gives markets a voice in where the daily fix should be set, "a welcome step" but said its impact will "depend on how the new mechanism is implemented in practice."
Last week the IMF hailed China's progress on financial reform but called on authorities to take further steps. The People's Bank of China on Tuesday appeared to take the advice, announcing that it would begin referring to market forces when it sets the daily mid-point for its tightly-controlled currency.
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