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China Takes Step Toward Freeing Currency from State Control

Posted on 04 July 2014

China has permitted banks to freely set their own exchange rates for the renminbi against the dollar in over-the-counter transactions — another step toward freeing the exchange rate from government control.
Banks were previously required to price the exchange rate that they offered clients within 3 percent in either direction of the Chinese central bank’s midpoint on a given day………………………………………..Full Article: Source


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