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ATAHK reads from Xinhua News that China's State Administration of Foreign Exchange (SAFE) announced on Wednesday that it will allow banks to set their own exchange rates for yuan against the US dollar with clients, a further step in the liberalization of yuan exchange rates. For details, please refer to the following news from Xinhua News on July 3rd:
Banks can set their yuan/dollar exchange rate in their over-the-counter deals with clients on the basis of market demand, the SAFE said in a statement.
The regulation entered effect on Wednesday. Before the new move, the spreads in banks' yuan/dollar buying and selling prices were subject to regulatory controls.
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The People's Bank of China widened the spreads to 3 percent from the previous 2 percent in March.
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