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China allowed banks to set the exchange rate they offer customers between renminbi and the US dollar, a news report said on Thursday, in the latest loosening of the controlled rate.
The State Administration of Foreign Exchange said late Wednesday that banks can set their own rates for over-the-counter deals on the basis of market demand, Xinhua news agency reported.
The rate range for interbank trading is limited to 2 per cent on either side of a government—regulated parity rate. The band was set in March, at double the range of the previous restrictions.
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