PBoC's Ma: Stability of CNY against the basket needs to be improved, consensus is to refer more to currency basket
- CNY fixing to now take into account TWI basket stability
- CNY pressure will abate after the market gets used to the basket system
- There will be no tight peg to the currency basket
- Two-way CNY volatility against USD to increase, but PBoC to appropriately limit CNY volatility against USD