China eases control to let ruble fall faster against yuan

BEIJING (AP) — China is easing government exchange rate controls to let the Russian ruble fall faster in value against the Chinese yuan in a move that would help to insulate Beijing from economic sanctions on Moscow. The China Foreign Exchange Trade System announced the margin by which the ruble is allowed to fluctuate against the yuan in state-controlled daily trading will be doubled in size to 10% above or below the day’s opening price starting Friday. The ruble has lost about 40% of its value since President Vladimir Putin’s Feb. 24 attack on Ukraine. Holding the exchange rate steady would require China to give Russians more yuan than market forces said the ruble was worth.