Yuan trading more flexible | Bangkok Post: business

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China widening yuan band

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  • Online news: News
  • Writer: Bloomberg News
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BEIJING - China on Monday will widen the limit for the yuan’s daily moves against the US dollar, easing exchange-rate controls as policymakers encourage greater use of the currency in global trade and finance. 

The yuan will be able to trade as much as 2% on either side of a daily central bank reference rate, compared with the current 1%, the People’s Bank of China said in a statement published on Saturday.

The band was last widened in April 2012 from 0.5%, and before that from 0.3% in May 2007.

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