"CFETS RMB Exchange Rate Index " once again ushered in the annual weight adjustment.
On December 30, in order to further enhance the representativeness of the currency basket of the RMB exchange rate index, the China Foreign Exchange Trade System (hereinafter referred to as the "CFETS") plans to follow the "CFETS RMB Exchange Rate Index Currency Basket Adjustment Rules" (Zhonghuijiao Announcement [2016] No. 81) ), to adjust the currency basket weights of the CFETS RMB exchange rate index and the SDR currency basket RMB exchange rate index. The new version of the index will take effect on January 1, 2023.
Compared with 2022, in the new version of the CFETS currency basket, the ranking of the top ten weighted currencies has not changed. Among them, the weights of the top three US dollars, the euro, and the Japanese yen have all decreased, and the weight of the fourth-ranked Hong Kong dollar has increased , the weight of the British pound decreased, the weight of the Australian dollar and New Zealand dollar increased, the weight of Singapore dollar decreased, the weight of Swiss franc increased, and the weight of Canadian dollar decreased. The
trading center stated that the weight of the currency basket of the CFETS RMB exchange rate index is calculated using the trade weight method that considers entrepot trade and factors. The current version of the index uses 2020 trade data. In order to further enhance the representativeness of the index, the new version of the index uses the 2021 trade data as the weight for adjustment. After historical retrospective calculations, the new version and the current version of the CFETS RMB exchange rate index basically coincide with each other.
At the same time, since the International Monetary Fund (IMF) adjusted the SDR currency basket weights in August 2022, the CFETS adjusted the currency basket weights of the SDR currency basket RMB exchange rate index accordingly. Specifically, the U.S. dollar gained weight, while the euro, yen and sterling all fell.
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