As the end of People’s Bank of China Governor Zhou Xiaochuan’s term approaches, a firmer yuan and calm markets are providing a window to get some of his long-term reforms back on track.
The latest news in the two-steps forward, one-step back move to a more freely traded currency came Tuesday, as Bloomberg reported the central bank has tweaked its management of the daily currency fixing, removing a hurdle to the influence of market forces. PBOC adviser Huang Yiping says that shows authorities’ desire to further liberalize the exchange rate.
