(Bloomberg) -- China widened the yuan's daily
trading limit against the U.S. dollar, allowing faster gains in
the currency to cool the economy and cut a record trade surplus
that has strained ties with the U.S. and Europe.
``Widening the band is to further improve the yuan's
mechanism, but it doesn't mean the yuan will fluctuate by a lot
or appreciate by a large magnitude,'' the People's Bank of China
said in a statement in Beijing. The yuan will be allowed to move
as much as 0.5 percent either side of a daily fixing rate
against the dollar, up from 0.3 percent, the central bank said.
Read more at Bloomberg Currencies News
trading limit against the U.S. dollar, allowing faster gains in
the currency to cool the economy and cut a record trade surplus
that has strained ties with the U.S. and Europe.
``Widening the band is to further improve the yuan's
mechanism, but it doesn't mean the yuan will fluctuate by a lot
or appreciate by a large magnitude,'' the People's Bank of China
said in a statement in Beijing. The yuan will be allowed to move
as much as 0.5 percent either side of a daily fixing rate
against the dollar, up from 0.3 percent, the central bank said.
Read more at Bloomberg Currencies News
No comments:
Post a Comment