Yen edges higher after China widens Yuan band
The Japanese currency firmed marginally on Friday after China widened the Yuan’s band against the US Dollar, with investors expecting this move would do little to speed up the pace of the Chinese currency’s rise. The Yen, Asia’s most liquid currency, which often trades as a proxy for the tightly controlled Yuan, initially jumped after China said it would allow the Yuan to rise or fall 0.5% against the Dollar daily, up from 0.3% in the current trading band. China’s move, which also included a rise in interest rates to slow economic growth, came ahead of a meeting between US Treasury Henry Pauls n and China Vice-Minister Wu Yi this week.