Arab Today, arab today china in small step towards yuan liberalisation
Last Updated : GMT 19:12:59
Arab Today, arab today
Arab Today, arab today

China in small step towards yuan liberalisation

Arab Today, arab today

Arab Today, arab today China in small step towards yuan liberalisation

Yuan
Shanghai - AFP

Chinese banks can now set their own exchange rates between the yuan and the US dollar for some customers, the government said, in a small step towards liberalisation of the tightly controlled currency.
Banks can decide the "spread" -- the range between the buying and selling price -- for customers based on market demand, according to a central bank statement posted on the website of the State Administration of Foreign Exchange late Wednesday.
The announcement comes before key talks next week at the Strategic and Economic Dialogue between China and the United States, which is expected to push Beijing for greater economic reforms.
China keeps a tight grip on the yuan -- also known as the renminbi -- allowing it to move up or down two percent daily on either side of a mid-point set under the supervision of the central bank.
The latest announcement aims to "further improve the market-oriented yuan exchange rate formation mechanism", the People's Bank of China, the central bank, said in the statement.
Previously, the bank set specific limits on the bid-ask spread depending on the transaction type, state media said.
Analysts said the impact of the shift would be limited as it was aimed at retail customers, who make up a small proportion of foreign exchange trading, while corporate clients are already offered more market-based rates.
"This reform will not have any impact on renminbi exchange rates or the formation of mid-point prices," Liu Dongliang, a senior analyst with China Merchants Bank, said in a research note.
China has been promoting greater international use of the yuan and taking measures to make its exchange rate more flexible, although full convertibility of the currency remains far off, analysts say.
The PBoC in March doubled the daily trading band for the yuan against the dollar from one percent to two percent.
The government could further expand the daily trading limits between the yuan and other foreign currencies as part of future reforms, Liu said.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china in small step towards yuan liberalisation Arab Today, arab today china in small step towards yuan liberalisation

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Actress Mervat Amin reveals her role in new series
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday