China's Yuan trading band doubled to 2%; a step closer so full convertibility

Tuesday, March 18th 2014 - 06:52 UTC

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China's Yuan weakened against the dollar on Monday after the central bank doubled the trading band for the currency, which the United States has long insisted is undervalued. The People's Bank of China (PBoC) said Saturday it would allow the Yuan to move up or down two percent daily -- double the previous one percent -- on either side of a mid-point set under the guidance of the bank, which says it polls market makers. Read full article

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yankeeboy
Methinks they are deflating the currency to avoid a hard landing. I think lots of people are going to be very surprised that China's reserves run out very quickly as their economy grinds to a halt.
Mar 18th, 2014 - 11:35 am - Link - Report abuse 0
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ChrisR
“Policymakers have pledged to move gradually towards full convertibility of the Yuan, allowing it to be freely bought and sold, and bringing with it the uncontrolled movement of funds in and out of China.”

And that will be when? Pigs flying would seem about the time.

You have to admire the solidarity of the commie system around the world. They are all frightened of their own people waking up to the stunts they have and are still pulling and “cleansing” them from the face of the earth.

Only the apathy on the part of its citizens (or the military might) stops most of these countries from imploding: Argentina, Venezuela, Cuba, North Korea, etc. Military might only delays the process; it does not stop it indefinitely.
Mar 19th, 2014 - 09:54 pm - Link - Report abuse 0
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