Foreign Exchange News
- Govt. to widen yuan trading band
Date: 6-Mar-2007 Sources: (Shenzhen Daily)
THE government will widen the yuan's daily trading range but has no timetable for doing so, central bank governor Zhou Xiaochuan said yesterday.
The People's Bank of China (PBOC) still had room to manage the currency within its current bands, which would be eventually widened depending on the market, Zhou said. 'If market conditions show that the current band is not sufficient, then we could consider whether it is time to widen the band,'Zhou said. The yuan may rise or fall by 0.3 percent a day against the U.S. dollar from a morning midpoint set by the PBOC.
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