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China has decided to reduce the weight of the dollar in the basket of currencies in the yuan exchange rate index of China's foreign exchange trading center.
According to a report on the website of the South China Morning Post on January 2, on January 1, the China foreign exchange trading center under the people's Bank of China lowered the weight of the US dollar in a key RMB exchange rate index from 22.40% to 21.59%, in order to enhance the "representativeness" of the index under the current trading conditions.
According to the report, the new index will be based on trade data in 2018, rather than the data when China foreign exchange trading center first released the RMB exchange rate index in 2015.
Shen Jianguang, chief economist of Jingdong digital technology, said the adjustment reflected changes in China's trade environment.
Lu Zhengwei, chief economist of Societe Generale, said that reducing the weight of the US dollar would slightly improve the independence of the RMB relative to the US dollar.
"The yuan should go its own way, and now it is shrouded in too much shadow from other [currencies]," he said
According to the report, the weight of the US dollar in the RMB exchange rate index of China's foreign exchange trading center is still the largest, with the weight of the euro expanding from 16.34% to 17.40%. The Hong Kong dollar's weight fell to 3.57% from 4.28%.
Lu said China is still heavily dependent on the US dollar and should consider expanding the number of foreign currencies it can exchange directly with the renminbi.

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