Central Bank: China Widens Yuan Daily Trading Band to 2%
China will widen the yuan's daily trading band to two percent from the current one percent, the central bank announced Saturday, underscoring efforts to loosen Beijing's grip on its tightly-controlled currency.
The move will take effect on March 17, the People's Bank of China said in a statement on its web site.
The move follows a statement by the central bank last month that it was seeking an "orderly expansion" of the trading band as a policy goal.
Source: Agence France Presse
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