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China Loosens Yuan's Daily Trading Limits

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China Loosens Yuan's Daily Trading Limits

Business

China Loosens Yuan's Daily Trading Limits

China Loosens Yuan's Daily Trading Limits

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  • <iframe src="https://www.npr.org/player/embed/150705820/150705811" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
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The action by China's central bank widens the range at which the currency can be traded on the international market. The move is seen as seen a step toward addressing foreign complaints that China was suppressing the value of its money to boost Chinese exports, and hurt foreign imports.

LYNN NEARY, HOST:

NPR's business news begins with China freeing up its currency.

(SOUNDBITE OF MUSIC)

NEARY: The Chinese Central Bank, today, loosened the daily trading limits of the UN.

STEVE INSKEEP, HOST:

This widens the range in which the Chinese currency can be traded on the international market. The move is seen as a step toward addressing foreign complaints, including American complaints - by the way - that China was suppressing the value of its money to boost Chinese experts and hurt foreign imports.

NEARY: Officials at the White House have cautiously welcomed the decision. Analysts say Beijing likely made the move because the currency is getting weaker anyway, with slower Chinese growth figures pushing down the true value of the yen.

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