(a) "China’s yuan had its biggest jump against the dollar in more than a decade on Monday, as Beijing keeps markets off guard with a shifting approach to managing its currency.
(b) "Since mid-January, the People's Bank of China has quietly rehitched the yuan's value to a weakening dollar, despite vowing just a month earlier to use multiple currencies as yuan's reference points.
"For investors, China's opportunistic approach sows confusion, which has led to volatile trading. On Monday [Feb 15], the central bank suddenly guided the yuan sharply higher.
"Chinese officials and advisers close to the central bank said the move was aimed at shoring up dwindling confidence in the Chinese currency * * *
(c) Returning to what some analysts call a quasidollar peg has helped Beijing at a time the dollar has weakened sharply against the yen and the euro as expectations for interest-rate increases [by Federal Reserve] in the US fade.
"That has allowed yuan to ride down with dollar and discreetly depreciate against the currencies of China's trading partners.
(d) The yuan strengthened by as much as 1.35% against the dollar in mainland trading on Monday on the first day of trading following a weeklong Lunar New Year holiday.
"Before Monday's surge, which brought the yuan to 6.4938 per dollar in late mainland trading, the yuan had been hovering around 6.57 to the dollar.
My comment: This report is locked behind pay wall. There is no need to read the rest.