China plans to open up currency trading band – India plans to reduce intervention in currency manipulation
Kirit Sagar
Sep. 9, 2005

For China and India to continue selling to the West without buy enough from the West, both the countries must bring their currency to a fair value. China is taking step towards that to avoid backlash and outright closure of Western doors. India will follow the same soon.

As China continues to reform its exchange rate system, it will widen the daily trading band for the yuan, Ma Delun, People's Bank of China assistant governor, said at a business forum in Beijing on Sept. 9. The yuan currently cannot move more than 0.3 percent above or below its previous closing rate.

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