(Beijing)–The value of the yuan has fluctuated more since the beginning of the year than in recent years, and there are signs the market is betting on continuous depreciation in the coming months.

Data from the People's Bank of China showed that in the first five months of 2012, the value of the yuan fell more frequently than any year since 2005 when the country launched exchange rate reform. Of 96 trading days in the first five months, the yuan's central parity rate declined against the U.S. dollar 56 times, the central bank said.