China and Its Currency Grow Up Chinas central bank has announced a widening of the trading band of the renminbi from a daily maximum of 1 percent to 2 percent. The move follows a recent increase in the currencys volatility, and the apparent end of its long, slow rise against the dollar. What does the new policy mean? Some will say, not much. The Peoples Bank of China, on one view, is merely responding to market forces. The sudden downward pressure on the currency merely reflects a new reality, in which China faces economic challenges and its growth slows as a result.
Posted on: Tue, 18 Mar 2014 04:59:46 +0000
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