Chinese central bank to widen yuan trading band gradually
2014-02-20 10:26:09
The People's Bank of China is preparing to expand the trading band of the yuan in an orderly manner, while broadening its cross-border usage, according to the statement published on Wednesday.
The central bank plans to continue efforts for expanding RMB's cross-border use, changing cross-border capital flow management, improving the RMB exchange rate formation mechanism and expanding the exchange rate band orderly, it noted.
The Communist Party meeting in November had proposed to widen the yuan's convertibility and liberalize interest rate as part of reforms.
The yuan's trading band was widened to 1 percent in April 2012.