Zhou parries appreciation calls

Zhou Xiaochuan, the governor of the People's Bank of China, said that the central bank could widen the renminbi's trading range if deemed necessary.

Speaking at the G20 meeting near Cape Town at the weekend, Zhou said: "The floating band is ok for now. If necessary, we can consider expanding it." He reiterated that the renminbi's appreciation would be gradual.

The governor argued that widening the range was not needed because the currency rarely hit the upper limit of the range.

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