China Securities Journal: Researchers suggest easing back on yuan management

Via Bloomberg, referring to a report in the China Securities Journal quoting researchers with Chinese Academy of Social Sciences:

• China should scrap its management on yuan's reference rate
• Shift to a regime of capping annual gains against USD as well as a basket of currencies in its foreign exchange reforms
• China should set a target of capping yuan's annual gains/losses against USD at 7.5%
• China should only allow PBOC intervening on forex market when yuan's gains/losses exceed the annual cap