China is relaxing a bit restriction on the exchange rate of its currency. Banks will be allowed with immediate effect, to negotiate the exchange rate of the Yuan (Renminbi) against the U.S. dollar with customers on the basis of market demand. The exchange rate derives largely from the interbank market.
The relaxation is another step on the path to achieving market-based liberalization. The U.S. always complain about an undervalued yuan. The Bank of China announced that the exchange rate has now reached a balanced level.
By the way, today I hugged myself with pleasure. No negative positions this month (giggle) at the trader contest.
Love and peace! And happy trading!
-Mary
The relaxation is another step on the path to achieving market-based liberalization. The U.S. always complain about an undervalued yuan. The Bank of China announced that the exchange rate has now reached a balanced level.
By the way, today I hugged myself with pleasure. No negative positions this month (giggle) at the trader contest.
Love and peace! And happy trading!
-Mary
