China's efforts to make Yuan rate more transparent gain momentum – Bloomberg

Lawmakers from China are likely turning more towards making the yuan more market-oriented.

After the weekend news that the People's Bank of China Governor Yi Gang favored flexible rate for the Chinese Yuan (CNY), Bloomberg came out with a report on early Tuesday saying Pan Gongsheng, head of the State Administration of Foreign Exchange, supports more transparent, rule-based CNY reference rate.

“The yuan’s daily reference rate needs to be more transparent and rule-based, and the market should be allowed to play a bigger role setting the price,” the report quoted China’s state admin of Forex speaking at the annual China Development Forum in Beijing.