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China Considers Expanding Yuan Trading Band, Xinhua Says

China may “appropriately” widen the yuan’s trading band to better reflect market supply and demand, the official Xinhua News Agency reported, citing People’s Bank of China Governor Zhou Xiaochuan.

Zhou said the yuan has gradually met the requirements to become more of a free-floating currency, Xinhua reported. As China improves its industrial structure and gradually reduces its trade surplus, the yuan is now moving “very close” to a “balanced level,” Xinhua reported in English, citing Zhou.