China’s central bank said it would extend the yuan’s trading hours in the mainland market starting next month, in a much-anticipated move aimed at increasing the Chinese currency’s global appeal. In an announcement Wednesday, the People’s Bank of China said that beginning Jan. 4, the hours for buying and selling the yuan on the mainland will be extended to 11:30 p.m. local time, from the current 4:30 p.m. The longer trading hours are in keeping with the government’s efforts to make the yuan’s exchange rate more market-oriented and to further open China’s markets to foreign investors, according to the statement. Most of the world’s major currencies trade 24 hours a day and move up and down based on market demand. By comparison, Beijing keeps the yuan on a tight leash, with its value largely guided by the central bank and its trading restricted within a band. In recent years, […]