RMB exchange-rate freedom for Chinese banks

Controls on RMB exchange rate lifted by Safe

renminbi-notes

For the first time, Chinese banks will be able to set their own USD/RMB exchange rate when dealing with clients, after the country's State Administration of Foreign Exchange (Safe) regulator announced further currency liberalisation on July 2.

Previously, the bid/offer spreads that banks could offer in the currency pair were subject to regulatory controls. Alongside this change, Safe intends to make it easier for its domestic banks to offer foreign exchange products such as options, forwards and

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