China's yuan may see more volatility vs. dollar after basket change

China's yuan is likely to see more volatility against the U.S. dollar this year after its foreign exchange market operator changed the way it calculates a key yuan index by nearly doubling the number of foreign currencies in its basket. The China Foreign Exchange Trade System (CFETS) said last week it was changing the composition of the CFETS basket that is used to set the yuan's daily value. Starting on Jan. 1, the number of currencies in the basket was increased to 24 from 13.