New Delhi, June 21 (ANI): With the Group of Twenty (G-20) set to meet at the end of this week, the People's Bank of China (PBOC), China's central bank, has said that it will allow greater flexibility for the national currency - Yuan-a move that is likely to assuage critics in the West.
The West has repeatedly complained and objected to China undervaluing its currency, and Beijing, has decided to set the daily reference point for trading.
Currently the Yuan is valued at 6.7969 per dollar, the biggest intra-day rise since China revalued the currency in 2005, a foreign news agency reported.
The Yuan is permitted to rise or fall 0.5 percent from the daily reference rate, but it has rarely tested that band.
China's economic strength gave policymakers confidence to end the peg, but they remain worried demand for China's exports is not on a solid footing given risks like Europe's debt woes.
The central bank has ruled out a one-off revaluation of the currency and suggested that the Yuan's value is close to fair value. (ANI)