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China Doubles Yuan’s Trading Band Giving Market Greater Role

China doubled the limit for the yuan’s daily moves against the U.S. dollar, easing controls on the exchange rate as appreciation bets waned amid slower economic growth.

The yuan will, from today, be able to trade as much as 2 percent on either side of a daily central bank reference rate, from 1 percent previously, the People’s Bank of China said in a statement on its website on March 15. The band was last widened in April 2012 from 0.5 percent, and before that from 0.3 percent in May 2007.