Is China preparing to lift the trading band on RMB?

BEIJING – At its record high of 6.1721 against the US dollar, the RMB has been effectively revalued by 34% from eight years ago, when China first embarked on reform of its currency exchange regime, with the Chinese Government reported to be wanting to move towards a more market-determined exchange rate. This could be confirmed shortly if speculation is confirmed that the daily trading band for the RMB against the USD could be lifted from 1% to 2%.