Central bank gives yuan more latitude
<p><span word="Currency">Currency</span> <span word="falls">falls</span> <span word="as">as</span> <span word="trading">trading</span> <span word="band">band</span> <span word="widened">widened</span> <span word="for">for</span> <span word="first">first</span> <span word="time">time</span> <span word="in">in</span> <span word="five">five</span> <span word="years">years</span> <span word="The">The</span> <span word="yuan">yuan</span> <span word="dipped">dipped</span> <span word="against">against</span> <span word="the">the</span> <span word="US">US</span> <span word="dollar">dollar</span> <span word="on">on</span> <span word="Monday">Monday</span> <span word="after">after</span> <span word="the">the</span> <span word="central">central</span> <span word="bank">bank</span> <span word="doubled">doubled</span> <span word="the">the</span> <span word="currency">currency</span>'<span word="s">s</span> <span word="daily">daily</span> <span word="trading">trading</span> <span word="band">band</span> <span word="but">but</span> <span word="analysts">analysts</span> <span word="predict">predict</span> <span word="an">an</span> <span word="appreciating">appreciating</span> <span word="trend">trend</span> <span word="for">for</span> 2012.</p><p><span word="It">It</span> <span word="was">was</span> <span word="the">the</span> <span word="first">first</span> <span word="time">time</span> <span word="since">since</span> <span word="May">May</span> 2007 <span word="that">that</span> <span word="the">the</span> <span word="trading">trading</span> <span word="band">band</span> <span word="was">was</span> <span word="widened">widened</span>.</p><p><span word="Despite">Despite</span> <span word="the">the</span> <span word="dip">dip</span>, <span word="the">the</span> <span word="yuan">yuan</span> <span word="will">will</span> <span word="appreciate">appreciate</span> <span word="against">against</span> <span word="the">the</span> <span word="dollar">dollar</span> <span word="throughout">throughout</span> 2012, <span word="although">although</span> <span word="at">at</span> <span word="a">a</span> <span word="slower">slower</span> <span word="pace">pace</span> <span word="and">and</span> <span word="with">with</span> <span word="more">more</span> <span word="volatility">volatility</span>, <span word="analysts">analysts</span> <span word="said">said</span>.</p><p><span word="The">The</span> <span word="People">People</span>'<span word="s">s</span> <span word="Bank">Bank</span> <span word="of">of</span> <span word="China">China</span>, <span word="the">the</span> <span word="central">central</span> <span word="bank">bank</span>, <span word="announced">announced</span> <span word="on">on</span> <span word="Saturday">Saturday</span> <span word="that">that</span> <span word="the">the</span> <span word="yuan">yuan</span> <span word="would">would</span> <span word="be">be</span> <span word="allowed">allowed</span> <span word="to">to</span> <span word="fluctuate">fluctuate</span> <span word="by">by</span> 1 <span word="percent">percent</span> <span word="from">from</span> <span word="a">a</span> <span word="daily">daily</span> <span word="midpoint">midpoint</span> - <span word="double">double</span> <span word="the">the</span> <span word="previous">previous</span> 0.5 <span word="percent">percent</span>.</p><p><span word="The">The</span> <span word="central">central</span> <span word="bank">bank</span> <span word="set">set</span> <span word="the">the</span> <span word="exchange">exchange</span> <span word="rate">rate</span> <span word="against">against</span> <span word="the">the</span> <span word="dollar">dollar</span> <span word="at">at</span> 6.296 <span word="on">on</span> <span word="the">the</span> <span word="first">first</span> <span word="trading">trading</span> <span word="day">day</span>, 0.13<span word="percent">percent</span> <span word="lower">lower</span> <span word="than">than</span> <span word="on">on</span> <span word="Friday">Friday</span>.</p><p><span word="But">But</span> <span word="the">the</span> <span word="actual">actual</span> <span word="trading">trading</span> <span word="rate">rate</span> <span word="for">for</span> <span word="the">the</span> <span word="yuan">yuan</span> <span word="against">against</span> <span word="the">the</span> <span word="greenback">greenback</span> <span word="depreciated">depreciated</span> <span word="to">to</span> 6.3150 <span word="in">in</span> <span word="Shanghai">Shanghai</span>, <span word="according">according</span> <span word="to">to</span> <span word="the">the</span> <span word="China">China</span> <span word="Foreign">Foreign</span> <span word="Exchange">Exchange</span> <span word="Trade">Trade</span> <span word="System">System</span>.</p><p><span word="It">It</span> <span word="declined">declined</span> <span word="as">as</span> <span word="much">much</span> <span word="as">as</span> 0.46 <span word="percent">percent</span> <span word="from">from</span> <span word="the">the</span> <span word="reference">reference</span> <span word="rate">rate</span>, <span word="before">before</span> <span word="narrowing">narrowing</span> <span word="losses">losses</span> <span word="later">later</span>.</p><p><span word="In">In</span> <span word="Hong">Hong</span> <span word="Kong">Kong</span>'<span word="s">s</span> <span word="offshore">offshore</span> <span word="market">market</span>, <span word="where">where</span> <span word="the">the</span> <span word="currency">currency</span> <span word="floats">floats</span> <span word="freely">freely</span>, <span word="the">the</span> <span word="yuan">yuan</span> <span word="depreciated">depreciated</span> <span word="to">to</span> 6.3115 <span word="on">on</span> <span word="Monday">Monday</span>.</p><p>"<span word="The">The</span> <span word="depreciation">depreciation</span> <span word="indicates">indicates</span> <span word="that">that</span> <span word="the">the</span> <span word="one">one</span>-<span word="way">way</span> <span word="street">street</span> <span word="of">of</span> <span word="renminbi">renminbi</span> <span word="strengthening">strengthening</span> <span word="in">in</span> <span word="recent">recent</span> <span word="years">years</span> <span word="has">has</span> <span word="probably">probably</span> <span word="come">come</span> <span word="to">to</span> <span word="an">an</span> <span word="end">end</span>," <span word="said">said</span> <span word="Duncan">Duncan</span> <span word="Freeman">Freeman</span>, <span word="a">a</span> <span word="researcher">researcher</span> <span word="from">from</span> <span word="the">the</span> <span word="Brussels">Brussels</span> <span word="Institute">Institute</span> <span word="of">of</span> <span word="Contemporary">Contemporary</span> <span word="Chinese">Chinese</span> <span word="Studies">Studies</span>.</p><p><span word="The">The</span> <span word="renminbi">renminbi</span> <span word="is">is</span> <span word="more">more</span> <span word="likely">likely</span> <span word="to">to</span> <span word="fluctuate">fluctuate</span> <span word="around">around</span> <span word="a">a</span> <span word="relatively">relatively</span> <span word="narrow">narrow</span> <span word="range">range</span> <span word="in">in</span> <span word="the">the</span> <span word="short">short</span> <span word="term">term</span>, <span word="rather">rather</span> <span word="than">than</span> <span word="moving">moving</span> <span word="strongly">strongly</span> <span word="in">in</span> <span word="any">any</span> <span word="one">one</span> <span word="direction">direction</span>, <span word="he">he</span> <span word="said">said</span>.</p>
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