A year after China widened the daily trading limit of its currency, the yuan, experts are arguing whether it is time to further enlarge the band to make the exchange rate more market oriented.
In mid April 2012, the People’s Bank of China (PBOC), the country’s central bank, decided to widen the yuan’s daily trading limit against the U.S. dollar to 1 percent, up from the previous 0.5 percent.
The move, as announced by the China Foreign Exchange Trading System, has meant Chinese banks can exchange the yuan 1 percent above or below the central parity rate against the U.S. dollar on the spot market.
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