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Chinese banks given RMB exchange freedom

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BEIJING, July 2 (Xinhua) -- China's State Administration of Foreign Exchange (SAFE) announced on Wednesday that it will allow banks to set their own exchange rates for the renminbi (RMB) against the U.S. dollar with clients, a further step in the liberalization of RMB exchange rates.

Banks can set their RMB/dollar exchange rate in their over-the-counter deals with clients on the basis of market demand, the SAFE said in a statement.

The regulation entered effect on Wednesday. Before the new move, the spreads in banks' RMB/dollar buying and selling prices were subject to regulatory controls.

The People's Bank of China (PBoC) widened the spreads to 3 percent from the previous 2 percent in March.

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