FxWirePro: Daily Commodity Tracker - 21st March, 2022 
For the second time in two days the People's Bank of China changed the reference rate for the Yuan against the US dollar, pegging it 1.6% lower, causing further disturbance in the markets.
China's central bank continued to devalue its currency on Wednesday, waging a currency war as the world's second-biggest economy tries to shore up growth by boosting exports.
The People's Bank of China set the Yuan reference rate against the US dollar at 6.3306 on Wednesday, up 1.6% from 6.2298 a day earlier.
China's latest move is one of many measures policymakers are using to shift China towards a more market-based economy.
The move has gained criticism that China is waging a currency war in attempts to support the export sector after data on Saturday showed exports sliding more than 8% year-on-year last month.
China's economy has been slowing rapidly over the last half decade as policymakers have tried to steer the economy towards a consumption-based model, rather than the debt-fueled investment-driven model China has relied on for decades.
