China widens yuan's trading band against US dollar

Updated: 2012-04-14 10:32


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BEIJING - The People's Bank of China (PBOC), or the country's central bank, announced Saturday it will widen the yuan's daily trading limit against US dollar currency to 1 percent.

On the interbank foreign exchange spot market, Chinese banks can exchange the yuan 1 percent above or below the central parity announced by the PBOC.

Previously, the trading band was set at 0.5 percent.