CHINA READY TO MOVE ON RENMINBI

From this morning's IMF Press Briefing:

China`s yuan trading band should be widened to 3%-5% around the official
benchmark rate in an initial stage of foreign exchange rate reform,
Finance News, a central bank-backed newspaper, said today, AFP reported
from Beijing. "The trading band can be further widened to 7%-10% when the
time is ripe," the paper said in an editorial. The report said that
conditions were right to start considering changing the yuan exchange rate
mechanism. It urged the government to work on making the yuan into a
convertible currency as the first step to establishing a market-oriented
managed-floating exchange rate system. Banks, companies and individuals
should be allowed to retain all or part of their forex income, the
newspaper said. It added that the best time to launch a currency reform
was when there was no strong "revaluation" expectation nor during large
fund inflows and big appreciation pressure, the newspaper said, without
elaborating.

Still wondering what a renminbi is?