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The report calls on the UK government to bring forward market reforms of the electricity sector to bring down the cost of hydrogen production.

The central bank previously said its strategy to defend excessive falls in the rupiah by focusing on intervention in the domestic nondeliverable forward market would limits the use of FX reserves.

To be sure, there are exporters selling dollars at spot prices to convert profits to yuan at favourable levels, and some bankers also reported increased dollar selling in the forward market.

The U.S swaps forward market sees the terminal rate hitting between April 2023 and April 2024 at roughly 3%, based on the one-year and two-year forwards of one-year swap rates, analysts said.

The yuan exchange rate will be kept basically stable and banks are encouraged to conduct deals in the forward market to help exporters better cope with currency fluctuations risks, it added.