China Loosens Yuan's Daily Trading Limits
LYNN NEARY, HOST:
NPR's business news begins with China freeing up its currency.
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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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