CRI听力:China adjusts yuan midpoint mechanism

It's being reported Chinese authorities have adjusted the method used to set the daily reference midpoints for the valuation of the reniminbi.

The midpoints are the main reference used to define what level the Chinese currency is set at on a daily basis.

Under the new system, the time frame in which the renminbi's midpoint will be cut from a 24-hour window down to 15 hours, from 4:30pm to 7:30am.

The idea is to better-reflect how the currency trades against its basket.

For more on the move, The Beijing Hour's Shane Bigham spoke earlier with John Ross, Senior Fellow with the Chongyang Institute for Financial Studies at Renmin University.