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China Daily Mail


China Daily Mail

China took another step on Saturday towards turning the yuan into a global currency by doubling the size of its trading band against the dollar to 1 percent.

By peeling back trading restrictions on the yuan, Beijing is working toward its goal of having a currency that trades relatively freely, or is basically convertible, by 2015.

Below is a timetable of key reforms to China’s foreign exchange system.

1988 – China sets up semi-official currency swap centres around the country to allow firms to trade the yuan, also known as the renminbi or “people’s currency”, at a rate that better reflects market demand.

1994, Jan – China unifies its dual exchange rates by aligning official and swap centre rates, officially devaluing the yuan by 33 percent overnight to 8.7 to the dollar as part of reforms to embrace a “socialist market economy”.

1994, Apr – China sets up its first…

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