Dec 29, 2023: China’s foreign exchange trade platform, CFETS, announced intentions to modify the weightings within its key yuan index basket in the upcoming year, revealed on Friday.
Starting January 1st, the China Foreign Exchange Trade System, supervised by the central bank, plans to reduce the U.S. dollar’s representation in the CFETS currency basket, dropping it to 19.46% from its current 19.83%. Similarly, adjustments will be made to the euro’s weighting, diminishing it to 18.08% from the existing 18.21%, as outlined in an online statement.