China stirs the pot

- By FX Markets Staff
- @FXMarkets_
- 26 Sep 2005

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There was a brief violent move lower in all dollar pairs at around 8am GMT last Friday morning, following an announcement that China will widen the trading bands in which the CNY is allowed to fluctuate against the non-dollar currencies in its basket.

Previously, these currencies could fluctuate 1.5% either side of the prior day's fixing, but now the fluctuation allowed will be 3%. The previous arrangement had perhaps been too constraining at times of large EUR/USD and USD/JPY moves, given the

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