Yuan spikes higher as PBoC slashes FX RRR, but move quickly undone

<p>Chinese Yuan saw a sharp uptick after PBoC announced a substantial 200 bps cut in foreign exchange reserve requirement ratio to 4% from 6%, effective September 15. According to PBoC, the move aims to &#8220;improve financial institutions&#8217; ability to use foreign exchange funds.&#8221; This RRR cut is set to release approximately USD 16.4B in foreign [&#8230;]</p>
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