• China Backs Off Currency Moves, Re-Introduces Reserve Requirements

    13 days ago - By ETF Daily News

    From Tyler Durden : The People's Bank of China announced Friday a re-introduction of reserve requirements on FX forwards trading which it had eliminated last September just after the Yuan soared against the dollar - a move aimed at taking pressure off the renminbi as the USDCNY rapidly closed in on 7.00.
    However, as ING's Chris Turner writes, this looks only a temporary reprieve for the renminbi as all prior PBoC attempts to stem CNY weakness haven't been all that successful in reversing a trend.
    Reserve requirements back in play
    Since 2015 the PBOC has used reserve requirements on FX...
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