July 2, 2014 / 10:07 AM / 4 years ago

China scraps curbs on bank dollar/yuan exchange rate with clients

BEIJING, July 2 (Reuters) - China is abolishing controls on the dollar/yuan exchange rate for banks when they deal with clients, the nation’s foreign exchange regulator said on Wednesday.

Effective on Wednesday, banks are allowed to set the dollar/yuan exchange rate based on market demand, the regulator said.

Before the move, the spread in banks’ dollar/yuan buying and selling prices had been subject to regulatory controls. (Reporting by China economics team; Editing by Jacqueline Wong)

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