| China widens yuan trading band against non-dollar currencies |
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| Written by nick | |
| Monday, 12 June 2006 | |
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China's central bank announced Friday the widening of the daily band in which the yuan can trade against three non-dollar currencies. The People's Bank of China said in a statement that effective immediately the yuan's exchange rate against the euro, yen and Hong Kong dollar would be allowed to fluctuate by as much as 3 percent above and below the previous day's closing level, up from 1.5 percent. However, the yuan's daily trading range against the U.S. dollar will remain at 0.3 percent up or down from the previous closing rate, it said. The move further liberates the yuan following the bank's July 21 step to allow the currency to float against a basket of foreign currencies instead of being pegged to the U.S. dollar. |
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