China’s yuan strengthened against the US dollar on Wednesday, reaching its firmest level since May 2018. Photo: Reuters
China’s yuan strengthened against the US dollar on Wednesday, reaching its firmest level since May 2018. Photo: Reuters
Yuan

US dollar-yuan exchange rate: China ups forex deposit reserve requirement ratio in bid to curb currency rally

  • The People’s Bank of China (PBOC) will raise the reserve requirement ratio for banks from 7 per cent to 9 per cent effective from Wednesday next week
  • The offshore yuan weakened following the announcement, dropping by as many as 200 basis points to 6.3680 against the US dollar

Topic |   Yuan
China’s yuan strengthened against the US dollar on Wednesday, reaching its firmest level since May 2018. Photo: Reuters
China’s yuan strengthened against the US dollar on Wednesday, reaching its firmest level since May 2018. Photo: Reuters
READ FULL ARTICLE