China will permit the yuan to move in a wider range against the dollar, the State Council said Friday. But the government did not indicate the timing of such adjustment.
The government said the currency will be kept at a reasonably balanced level.
About adding the yuan to its Special Drawing Rights, Gerry Rice, International Monetary Fund spokesman said Thursday, the financial market reforms in China are advancing and the renminbi internationalization is continuing.
“I can tell you there will be an informal board discussion of this toward the end of this month, July, and I’ve laid out the broad timeline here before, I think you probably know what it is, that we’re expecting the formal board discussion of this issue toward the end of this year probably in November, but toward the end of the year,” he said.
“But the timeline is pretty clear and I think the direction of travel is pretty clear.”
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