The People's Bank of China announced that it will widen the yuan's trading band from 0.5% to 1% from the central bank's midpoint. The move is expected to give companies additional room to speculate on the currency. "The message of this move is that [renminbi's] appreciation story is over," said Qu Hongbin, an economist at HSBC Holdings. "Greater two-way volatility will be the name of game going forward."

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