China widens yuan band
Government uses currency move to prop up economy
April 14, 2012, 1:54 p.m. EDT
China to widen daily yuan band vs. dollar to 1%
By Sue Chang, MarketWatch
SAN FRANCISCO (MarketWatch) — China’s central bank will expand the daily yuan trading band against the U.S. dollar to 1% in either direction from 0.5% starting on Monday in a bid to support the economy and ward off a precipitous slowdown.
The move is targeted toward meeting market demands, promoting transparency, and enhance the flexibility of renminbi exchange rate,” said the People’s Bank of China in a statement on Saturday.
The announcement follows on the heels of data on Friday which showed that China’s first-quarter gross domestic product growth slowed to 8.1% from 8.9% in the previous quarter.
The pace was the slowest in 11 quarters as weak exports and sluggish construction activity took a toll on the world’s second largest economy.
Full story: http://www.marketwatch.com/story/china-to-widen-daily-yuan-band-vs-dollar-to-1-2012-04-14
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