China Announces Another Easing Of Its Currency Controls

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Beijing said banks that handle foreign currency will be able to set their own exchange rates for the yuan. Critics have urged China to let the currency trade more freely.

DAVID GREENE, HOST:

NPR's Business News begins with easing an exchange. China has taken another step towards freeing up the exchange rate for its currency. Today, Beijing said banks that handle foreign currency will be able to set their own exchange rates for the U.N. Critics have urged China to let the currency trade more freely, citing that the Chinese government pegs the currency too low to the dollar. Easing currency controls moves China to a more market-oriented economy and could strengthen its buying power at home.

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