Even as the People's Bank of China (PBOC) weakened the for the third straight day, doubts remained about Beijing's commitment to a more freely-floating currency.
Prior to the market open on Thursday, the Chinese central bank set the midpoint rate for the yuan at 6.4010 per dollar, weaker than the previous day's close of 6.3870, sending the yuan down 0.3 percent at 6.40 per dollar. The move was in line with the PBOC's statement on Tuesday, in which it said it would calculate the currency's daily midpoint against the greenback based on market-makers quotes and the previous day's closing price.
But the Wall Street Journal reported that the PBOC asked state-owned banks to sell dollars on its behalf in the last 15 minutes of U.S. trading Wednesday, causing the yuan to rebound as much as 1 percent against the greenback.
In light of the latest developments, tell us whether you think the yuan will be more genuinely free-floating going forward: