Renminbi exchange rate two-way fluctuation
This year, renminbi exchange rate fluctuation has changed people's impression that the currency can only appreciate.
The use of the yuan in cross-border trade and investment has grown rapidly in the past five years. China loosened its grip on the yuan-dollar exchange rate in March this year, widening the daily trading band to 2 percent from 1 percent.
The renminbi's exchange rate is now near equilibrium in general. Given that, the two-way fluctuation of cross-border capital flows will become the new normal.
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Pedestrians walk pass PBOC's head office in Beijing on Nov 29, 2014. [Photo/IC] |
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