2024-09-05 12:05:15 +0300

China c.bank to cut FX reserve ratio to help limit yuan weakness

Logo Nasdaq
Nasdaq
By Reuters

SHANGHAI, Sept 5 (Reuters) - China's central bank said on Monday it will cut the amount of foreign exchange reserves that financial institutions must hold, a move seen as aimed at slowing the pace of the yuan's recent depreciation.

The People's Bank of China said it would cut the foreign exchange reserve requirement ratio (RRR) by 200 basis points (bps) to 6% from 8% beginning Sept. 15, according to an online statement.

The PBOC previously cut the FX reserve requirement ratio for financial institutions by 100 basis points in April, in a bid to rein in a sliding yuan and make it less expensive for banks to hold dollars.

AD
AD

(Reporting by Beijing Monitoring Desk; Editing by Hugh Lawson)

(([email protected]; +86 21 2083 0100; Reuters Messaging: [email protected]))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Continue read on nasdaq.com

AD
Logo Nasdaq
Business / FinanceBy Reuters2024-08-11 04:22:44 +0300
SHANGHAI, Aug 11 (Reuters) - China lifted yuan midpoint to a near one-month high against the dollar on Thursday to reflect broad greenback weakness in global...

Logo Nasdaq
Business / FinanceBy Reuters2024-08-31 04:31:42 +0300
Corrects the milestone in paragraph 2; Aug. 26, 2020, not Sept. 26, 2020 SHANGHAI, Aug 31 (Reuters) - China set its yuan midpoint at a two-year low against...

Logo Nasdaq
Business / FinanceBy Reuters2024-08-19 04:22:14 +0300
SHANGHAI, Aug 19 (Reuters) - China set its yuan midpoint at a near two-year low against the dollar on Friday to reflect broad greenback strength in global...

Logo Nasdaq
Business / FinanceBy Reuters2024-08-31 08:08:05 +0300
Adds spot market performance, details and table SHANGHAI, Aug 31 (Reuters) - China's yuan bounced and rose past the key threshold of 6.9 per dollar on...

Logo Nasdaq
Business / FinanceBy Reuters2024-08-15 07:36:55 +0300
SHANGHAI, Aug 15 (Reuters) - China's yuan weakened to a one-week low against the dollar on Monday, after the central bank unexpectedly cut key interest rates...

Logo Nasdaq
Business / FinanceBy Reuters2024-08-15 04:25:17 +0300
SHANGHAI, Aug 15 (Reuters) - China's central bank unexpectedly cut key interest rates for the second time this year and withdrew some cash from banking...

Logo Channel NewsAsia
Business / FinanceBy Cna2024-08-22 04:28:57 +0300
SHANGHAI :China cut its benchmark lending rate and lowered the mortgage reference by a bigger margin on Monday, adding to last week's easing measures, as...

Logo Nasdaq
Business / FinanceBy Reuters2024-08-24 05:29:12 +0300
SHANGHAI, Aug 24 (Reuters) - China's yuan has no basis for long-term depreciation, as the country's strong exports should offset a buoyant dollar and hawkish...

Logo Nasdaq
Business / FinanceBy Reuters2024-08-22 11:03:31 +0300
By Upasana Singh Aug 22 (Reuters) - China's yuan touched its weakest in nearly two years on Monday, dragging down most emerging market currencies, after the...

Logo Investing.com
EconomyBy Reuters2024-08-15 04:55:49 +0300
Reuters. FILE PHOTO: Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee...

Logo Nasdaq
Business / FinanceBy Reuters2024-09-01 10:04:16 +0300
ISTANBUL, Sept 1 (Reuters) - Turkey's central bank will charge 3% commission on forex required reserves for banks whose lira deposits make up less than 50%...

Logo Nasdaq
Business / FinanceBy Reuters2024-08-30 05:58:24 +0300
Aug 30 (Reuters) - Markets are testing Beijing's willingness to defend the yuan as it continues to weaken despite increasingly stronger cues from the central...

Logo Nasdaq
Business / FinanceBy Reuters2024-09-01 07:35:56 +0300
SHANGHAI, Sept 1 (Reuters) - China's yuan traded around the key 6.9-per-dollar level on Thursday, as a persistently firmer-than-expected official guidance...

Logo Channel NewsAsia
Business / FinanceBy Cna2024-08-31 12:48:41 +0300
SHANGHAI : China's yuan ended the session on the firmer side of the key threshold of 6.9 per dollar on Wednesday, as state banks' actions and a...

Logo Nasdaq
Business / FinanceBy Reuters2024-08-26 11:09:01 +0300
BEIJING, Aug 26 (Reuters) - China central bank said on Friday that it will allow more foreign banks to get cheap funding via its carbon emission reduction...

Logo Channel NewsAsia
Business / FinanceBy Cna2024-08-15 04:50:29 +0300
SHANGHAI : China's central bank unexpectedly cut key interest rates for the second time this year and withdrew some cash from banking system on Monday, in an...

Logo Nasdaq
Business / FinanceBy Reuters2024-08-30 11:09:05 +0300
SHANGHAI, Aug 30 (Reuters) - China's central bank issued draft rules on Tuesday to regulate related transactions of financial holding companies. Such...

Logo Nasdaq
Business / FinanceBy Reuters2024-08-19 09:17:40 +0300
BEIJING, Aug 19 (Reuters) - A Shanghai court said on Friday that it had sentenced Chinese-Canadian billionaire Xiao Jianhua to 13 years in prison and fined...

Logo Nasdaq
Business / FinanceBy Reuters2024-09-02 05:19:48 +0300
BEIJING/SHANGHAI, Sept 2 (Reuters) - A senior Chinese securities regulator said on Friday that China will implement its audit agreement with the United...