Chinese currency reform

.China to allow yuan to trade in wider range against $U.S

The Australian,

14 April, 2012

CHINA will allow the yuan to trade in a wider daily range against the US dollar beginning on Monday, taking another major but widely-anticipated step to further liberalise its exchange-rate regime and make its currency more market-oriented.

The People's Bank of China said today that it will widen the yuan's trading band against the US dollar to 1.0 per cent above and below a daily reference exchange rate from 0.5 per cent now. It last expanded the dollar/yuan trading band from 0.3 per cent in May 2007.

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