China relaxes rules on yuan/dollar exchange rates
It’s a tightly controlled currency but the Chinese government has taken a small step towards relaxing its tight grip on the yuan. Chinese banks will now be authorised to set their own exchange rates between the yuan and the US dollar, but only for some customers. Analysts are not expected this move to make too much impact as it is only for retail customers; corporate clients already have access to more market-based rates. However, this is seen as another sign of Shanghai’s aim to make the yuan a more accessible and readily traded currency, although full convertibility is not likely to happen quickly. Read the full story.