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China should reduce intervention in foreign exchange markets: state media

Reuters

SHANGHAI (Reuters) - China should reduce government intervention in the foreign exchange market as the yuan moves towards stability, a commentary in a newspaper owned by the People's Bank of China said on Wednesday.

Beijing should also take steps to widen the floating range of the RMB exchange rate, Financial News said in the commentary.

China should improve its foreign exchange market by increasing the channels for trading in foreign exchange, reducing transaction costs and expanding the market, it added.

The PBOC said it will continue to develop market-orientated policies to improve the yuan exchange rate market, said the commentary.

(Reporting by Engen Tham and Winni Zhou; Editing by Sam Holmes)