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China Vows To Ease Currency Controls

An employee counts U.S. dollars next to yuan banknotes at a bank in Hefei. (file photo)
China's central bank has announced its plan to widen the yuan's trading band against the U.S. dollar.

The People's Bank of China said it would allow the country's national currency to fluctuate by up to 1 percent against the dollar, up from the previous 0.5 percent.

The change would allow for a faster rise against the yuan, which some of China's trading partners, especially the U.S., have complained is undervalued.

The bank said the move aims to "meet market demands" and, in a rare measure, the bank issued its statement in English as well as Chinese.

The easing of currency controls was to come into effect on April 16.

Based on reporting by AFP and AP