China is changing its tactics on the renminbi, according to analysts and traders, with a shift away from direct intervention and towards lower-profile, indirect tools to steer the market.
The currency dropped almost 8 per cent last year against the soaring dollar. But Beijing smoothed out that decline using tools such as so-called “invisible reserves” held by state banks, rather than its more typical heavy-handed intervention by the People’s Bank of China.
Beijing’s new approach to currency management poses a challenge to traders seeking to anticipate the renminbi’s next move, and to foreign officials, such as the US Treasury, who want to understand how tightly China’s currency is controlled.
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