 China has approved 13 domestic and foreign banks to act as market-makers for yuan trading, in another move towards a more flexible currency. China plans to bring in a market-making trading system for the yuan early in 2006, letting it float more freely against foreign currencies. According to reports, the 13 banks include foreign lenders Citigroup, HSBC, ABN Amro and Standard Chartered. The market-makers could begin their roles as early as next week. Critics have complained that the government's tight control of the yuan has kept it undervalued, making Chinese exports artificially cheap and damaging other countries' trade balances. China changed its exchange rate policy last summer, revaluing the yuan 2.1% higher and getting rid of its tie to the dollar. It is now allowed to rise or fall by 0.3% a day against a basket of other currencies, including the Japanese yen and the UK pound. ...
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