CHINA HINTS AT FURTHER WIDENING OF YUAN’S DAILY CURRENCY BAND

HONG KONG – People’s Bank of China Deputy Governor, Yi Gang, has told an IMF conference that the RMB’s daily trading band will be widened “in the near future”. The daily trading band was last widened a year ago to +-1% from +-0.5% previously. In the meantime, the RMB has continued to appreciate against the USD, reaching a new high of 6.17 yesterday, before declining today to 6.18.