The PBOC adjusted how the daily central rate was set, linking it more closely to the previous day’s market close and supply and demand. This expanded market signals in exchange-rate formation but did not make the currency freely convertible or remove state management of capital flows.
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What did the 2015 renminbi parity reform change?
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Uitleg
Market closing data played a stronger role, but capital controls and managed exchange policy remained.
The 2015 renminbi reform made the currency freely convertible for capital flows.
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Uitleg
The reform adjusted the reference-rate mechanism while managed controls remained.