China's central bank Saturday decided to widen the yuan's trading band against the dollar in a major step towards loosening currency controls.
The yuan is currently allowed to trade 0.5 percent on either side of a midpoint price set by the central bank every trading day.
The new rules -- seen as a shift towards adopting more market-oriented reforms -- will come into effect on Monday and allow the currency to fluctuate by up to 1.0 percent either side, the bank said in a statement.
Beijing's trading partners have long criticised its yuan exchange rate, saying it is kept artificially low, fuelling a flow of cheap exports that have helped trigger huge trade deficits between some countries and China.
However, that pressure has eased since data this year showed China's trade balance with the rest of the world has shifted, ending a long period of huge trade surpluses based on low-cost labour and a cheap yuan.
China has repeatedly vowed to loosen its grip on the yuan as it moves towards full convertibility, but has rejected calls for a faster appreciation for fear of hurting its manufacturing sector, a key driver of its economy.
Saturday's announcement means that the yuan will be allowed to fluctuate further against the dollar but not necessarily appreciate as much as China's trading partners, including the United States, might like.
The bank said the change was decided "in order to meet market demands... (and) enhance the flexibility of RMB (the renminbi, as the yuan is officially known) exchange rate in both directions".
"In view of the domestic and international economic and financial conditions, the People's Bank of China will continue to fulfil its mandates in relation to the RMB exchange rate, keeping RMB exchange rate basically stable."
Ultimately, the government wants the yuan to rival the dollar as a global reserve currency, and to this end it has gradually allowed the currency to trade more freely.
After a pilot programe last year was judged successful, in March this year it gave permission for firms across China to pay for imports and exports in yuan, a way of helping to increase the use of the yuan in trade deals.
OPEC's influence is waning as it fails to cut production Thursday amid falling oil prices, while divisions between its member states deepen, experts say.
A controversy surfaced recently after the Public Account Committee (PAC) released a report accusing senior government officials of having fraudulently authorized payment of at least $122 million of public funds to a private company
Venezuelan Foreign Minister Rafael Ramirez left the meeting visibly angry and declined to comment on the outcome.
A number of potential deals under discussion in recent months could benefit from concessional financing from Tokyo.
The WTO has lurched from one disappointment to another over the past decade as it tries to find a balanced trade deal that all its members, now numbering 160, could support.
Saudi Oil Minister Ali al-Naimi said he expected the oil market "to stabilise itself eventually" but did not comment on talks with Russia held on Tuesday
Ergun Olgun, the Turkish Cypriot negotiator, said their own exploration would continue and even accelerate if Greek Cypriots pressed ahead with their plans to allow multinationals to exploit the area.
The decision to devalue the naira, according to analysts and central bank figures, appears aimed at saving the country's dwindling foreign reserves
Oil market watchers are divided on the outcome of OPEC's meeting in the Austrian capital. Predictions range from a large production cut to revive prices, to a small reduction, or none at all
The proliferation of smugglers' routes into Bolivia shows how difficult it is to eradicate illegal mining without better coordination across frontiers.
Falling crude prices are fueled by slowing global growth and increased supply.
Ukraine's leading banks said most of their loans to Crimean individuals and businesses were now delinquent.
Deputy Energy Minister Jaime Himende said that "Mozambique has great hydroelectricity potential, and recently they have taken some bold steps to use renewable resources efficiently"
Obama, who hosted Modi in Washington in September, will in January become the first U.S. president to visit India twice, completing a remarkable warming in the relationship
The combined damage inflicted on Russia's economy by Western sanctions and falling oil prices totals about $140 billion.
PM Mahlab said that Egypt eyes sustainable growth to improve the living conditions of Egyptians, noting that the Egyptian economy is currently recovering.