China has widened the yuan's trading band, moving it a step closer to becoming a fully tradable global currency.
The People's Bank of China announced the trading band will double, allowing the yuan to fluctuate up to 1% in trading against the US dollar from a fixed price set by the central bank. The speech from Chinese officials, affirming the increased flexibility, was surprisingly made in English, overtly suggesting China is targeting foreign audiences. China has been under fire from the US to let the yuan appreciate. The US authorities argue China has an unfair trading advantage from keeping the yuan artificially low, and a rise in value will help rebalance the global economy. Last year...
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