On Saturday, the People's Bank of China doubled the yuan's daily trading range, so that it can now rise or fall 2% from the daily midpoint rate, although in early deals it held with the previous band of +/- 1% - Reuters Photo.
SHANGHAI: The Chinese yuan weakened in opening deals on Monday after the central bank doubled the currency's permitted trading band, a move analysts said was a clear signal authorities are ready to allow market forces to play a greater role in the economy.
The spot yuan opened at 6.1500 per dollar, 0.29% away from the official midpoint rate, and it soon slid to 6.1617 per dollar, down 0.19% from Friday's market close.
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