China’s central bank chief has hinted that Beijing may soon loosen its grip on the country’s currency, saying the renminbi should be allowed to float more freely.
The comments by Zhou Xiaochuan, governor of the People’s Bank of China, were his most explicit in months on the topic of exchange rate reform. Analysts saw it as a signal that Beijing was ready to widen the renminbi-dollar trading band, a move that would bring more market forces to bear on the Chinese currency.
But Mr Zhou also said the renminbi was trading close to fair value, all but ruling out the kind of significant appreciation that US critics have called for.
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