PBoC doubles reminbi trading band
Chinese currency will be allowed to stray 2% either side of daily reference rate
The People's Bank of China (PBoC) has widened the renminbi's daily trading band from 1% to 2% on either side of its daily reference rate, potentially allowing for greater fluctuations of the exchange rate.
The change, which came into effect today, was announced by the PBoC over the weekend with the aim of meeting "the requirements of market development, increase the intensity of market-determined exchange rate, and establish a market-based, managed floating exchange rate system". The renminbi's
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