This underpins the necessity for China to make more efforts to improve the exchange rate regime based on market supply and demand (mainly through the current account and especially the trade account balances) with reference to a basket of currencies.
In the future, consideration can be given to disclosure of the nominal effective exchange rate information on a regular basis and to gradually shift the public’s attention on RMB/USD exchange rate to the effective exchange rate of RMB, which is the true reference for its movement. BIS Review 101/2010  3