The People’s Bank of China has pledged to raise the flexibility of its yuan exchange rate, AFP reports. The Chinese central bank will improve the flexibility of the exchange rate and maintain the basic stability of the yuan exchange rate at a reasonable and balanced level.
In June, China had pledged to allow the yuan to trade more “flexibly” but it has appreciated about 3% since that time. The U.S. is urging China to allow its currency to appreciate more quickly.
Click here for the story from AFP.