CRI听力:Regulator Grants Banks Autonomy in Deciding USD-RMB Exchange Rates
2014-07-04来源:CRI
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China's foreign exchange regulator has lifted its controls on the exchange rates banks can set when exchanging the renminbi and the US dollar.
This means banks can now set their dollar rate against the yuan in over-the-counter deals, based on market demand.
The idea is meant to further liberalize exchange rates for the Chinese currency.
Under the old rules, banks were only allowed to buy and sell the US dollar within a 3-percent fluctuation of the central parity rate, which the People's Bank of China currently allows to move at a maximum of 2-percent on a daily-basis against the US dollar in the interbank market.
For more on the change, CRI's Paul James spoke with our financial commentator Cao Can.
CRI's financial commentator Cao Can.
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