Via Bloomberg, referring to a report in the China Securities Journal quoting researchers with Chinese Academy of Social Sciences:

  • China should scrap its management on yuan's reference rate
  • Shift to a regime of capping annual gains against USD as well as a basket of currencies in its foreign exchange reforms
  • China should set a target of capping yuan's annual gains/losses against USD at 7.5%
  • China should only allow PBOC intervening on forex market when yuan's gains/losses exceed the annual cap