SHANGHAI, Oct 27 (Reuters) - China's foreign exchange trade system said on Tuesday that contributing banks have gradually phased out use of the counter-cyclical factor in the formula that fixes the yuan's daily midpoint against the dollar.
The China Foreign Exchange Trade System said in a statement it would change the price adjustment model of the central parity rate of the yuan versus the dollar in a move aimed at promoting transparency and efficiency.
Reuters reported earlier on Tuesday that the People's Bank of China had neutralised the counter-cyclical factor in its daily yuan midpoint fixing, citing two sources with direct knowledge of the matter.
(Reporting by Winni Zhou and Tom Daly; Editing by Kirsten Donovan)
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