News Column

China Permits Banks To Set USD/CNY Exchange Rate

July 2, 2014

BEIJING (Alliance News) - China lifted controls on the dollar/yuan exchange rate for banks when dealing with clients, the State Administration of Foreign Exchange said in a document dated July 1.

The foreign exchange regulator allowed banks to fix the exchange rates based on market based supply and demand, with effect from Wednesday.

Earlier, the regulator used to fix the spread between banks' dollar/yuan buying and selling rates.

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Source: Alliance News

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