On Monday, commercial lenders were ordered to hold more of their foreign currency as reserves in the central bank to limit sales after the yuan hit a...
BEIJING — China’s central bank is trying to restrain the surging exchange rate of its currency, temporarily backtracking in efforts to make the tightly controlled yuan more flexible and market-oriented.
The ruling Communist Party said in 2015 it planned to make the yuan a “freely tradable and freely usable currency” by last year. But it has kept controls in place due to concern about swings in the exchange rate and the flow of money into and out of the world’s second-largest economy. Monday’s order raised the amount of their foreign currency reserves banks must keep on deposit with the PBoC from 5% to 7%. That change, the first since 2007, will lock up about $20 billion of their $1 trillion in foreign currency, according to Macquarie Group.
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