April 16th, 2012
07:52 AM GMT
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Hong Kong (CNN) – Over the weekend, China announced it was doubling the trading band of the yuan against the U.S. dollar.

The move was widely lauded as a step toward liberalizing the Chinese exchange rate and moving the yuan toward an internationally traded currency like the U.S. dollar, yen and euro.

“This underlines China's commitment to rebalance its economy toward domestic consumption and allow market forces to play a greater role in determining the level of the exchange rate,” said Christine Lagarde, managing director of the International Monetary Fund, in a statement.
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