China central bank to widen yuan trading band

China’s central bank plans to loosen control on the yuan’s exchange rate by widening the set daily range for trading the currency, The Wall Street Journal reported. The shift will happen in the “near future,” People’s Bank of China Vice Governor Yi Gang told a meeting of the IMF in Washington, DC, on Wednesday. China last loosened the yuan trading band in April 2012 to 1%. Many countries, led by the US, criticize the country for maintaining currency controls and not allowing the yuan to appreciate more quickly. US Treasury Secretary Jack Lew warned the G20 against “beggar thy neighbor” policies of individual countries to devalue their currencies, specifically mentioning China.