China ups forex deposit reserve requirement ratio in bid to curb yuan rally

China’s central bank announced late on Thursday that it will raise the reserve requirement ratio for banks’ foreign exchange deposits for the second time this year in Beijing’s latest move to curb the yuan’s rally against the US dollar.The People’s Bank of China (PBOC) said it will increase the ratio from 7 per cent to 9 per cent from Wednesday next week “to strengthen foreign exchange liquidity management of financial institutions”.The move comes amid the yuan’s recent strong gains against the…

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