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Mizuho’s Shen Says Yuan Band Widening Means De-Peg From Dollar

Shen Jianguang, chief Asia economist for Mizuho Securities Asia Ltd. in Hong Kong, comments on the widening of the yuan’s trading band by the People’s Bank of China.

“A step forward to a real floating exchange rate of the RMB, a de-peg from the dollar, indicating that the authority is more confident that the current RMB exchange rate is close to the equilibrium, and it is the right timing to push RMB internationalization.

‘‘Other recent moves, such as an increase in the QFII quota, the establishment of a global RMB settlement center, the discussion on interest rate liberalization, etc, all point to an acceleration in RMB convertibility.’’

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