China’s central bank said it will loosen its control over the value of the yuan just a week after the country’s top leadership concluded a major policy meet in Beijing, Bloomberg reported. People’s Bank of China will “basically” end normal intervention in the currency market and broaden the yuan’s daily trading limit, central bank governor Zhou Xiaochuan said, without giving a timeframe. The daily range will be widened in an “orderly way” as China seeks to enhance the currency’s two-way flexibility, Zhou wrote in an article in a guidebook explaining reforms outlined last week following a Communist Party meeting.
Categories