RMB exchange rate band increased for non-US currencies only

China's central bank, the People's Bank of China, said Friday, the RMB exchange rate band for non-US currencies such as the yen and euro was extended from 1.5% to 3% per session per day, while for the equivalent RMB-US dollar exchange rate the band was unchanged at 0.3%. A bank spokesman said that the dominance of the US dollar in China's inter-bank foreign exchange market was the reason behind the bank allowing a narrower fluctation range for the RMB-US dollar exchange rate than for the RMB's exchange rate with other currencies.