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China Doubles Yuan Trading Band For Ruble To Block Arbitrage: Yicai

MNI (Singapore)

China’s move to double the yuan trading band for the ruble helps to better absorb the fluctuation of ruble-U.S. dollar pair and prevent arbitraging, reported citing Guan Tao, chief economist of Bank of China International. The currency pair will be allowed to trade 10% around the fixing rate for the first time, as the ruble continued to plummet against the dollar. Sino-Russian trade companies are facing greater currency risks and a wider trading brand allows them to reduce exchange risks, the newspaper said citing Tu Yonghong, deputy director of the International Monetary Institute, RUC.

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