PBoC decision to widen trading band welcomed
Christine Lagarde, managing director of the International Monetary Fund, led the way in welcoming the April 14 decision by the People's Bank of China to widen the floating band of the renminbi's trading prices against the US dollar from 0.5% to 1%.
"This underlines China's commitment to rebalance its economy towards domestic consumption and allow market forces to play a greater role in determining the level of the exchange rate," said Lagarde.
This move means on each business day, the trading
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