THE CHINESE currency is priced roughly the same as it would be if traded completely freely, People’s Bank of China governor Zhou Xiaochuan said yesterday, hitting back at US critics who say the country is distorting trade patterns.
Though Beijing still exerts a degree of control over the currency, it told Chinese magazine Caixin that it was loosening its grip and would eventually let the Yuan trade in a wider daily range than the current 0.5 per cent.
Earlier, data revealed that the Chinese trade surplus swelled to a 45-month growth of $32bn (£20.1bn), on export growth at a five-month high of 11 per cent.
This soaring trade balance came despite growing revenues for Hollywood films in China. According to the Chinese broadcast regulator, foreign films – particularly from the US – took 58.6 per cent of revenues.