The People's Bank of China, the country's central bank, said that effective on Monday it would allow the renminbi to fluctuate up or down in value by as much as 1 percent against a fixed benchmark with the dollar during daily trading.
The doctrine is also being used in a variety of other areas such as curbing protectors, fixing benchmarks and other fraud cases where it is easier to demonstrate participation and encouragement than the common purpose required for a conspiracy.
Banks across the world are under investigation for a string of alleged misdeeds, including fixing benchmark interest rates and manipulating foreign exchange markets.
Holding down demand, he said, were the currently higher yields, uncertainty over a growing supply of debt and the change this week in leadership at the Federal Reserve, which fixes benchmark short-term interest rates.
The bank has already paid billions in fines and settlements related to accusations that it colluded with other banks to fix benchmark interest rates, and that it violated international sanctions against countries like Iran.
The allegations involve collusion among the banks' traders to fix benchmark exchange rates in their favor, resulting in higher costs for pension funds, mutual funds, multinational corporations and other bank clients that routinely buy and sell currencies.
Deutsche Bank has set aside 2.4 billion euros ($3.2 billion) to cover the potential cost of proceedings that include a tax evasion inquiry in Germany and an international investigation into accusations that its employees and those at other investment banks colluded to fix benchmark interest rates.
From various experiments using SPEC CPU2000, we conclude that the optimal sample length (i) is not fixed over benchmarks, and (ii) increases with increasing warmup lengths.
The survey network points inside the piers were fixed by scanner benchmarks.
Its currency traders are accused of meeting in virtual chatrooms and planning the fixing of benchmark prices.
