PBOC Seeks to Curb CNY Appreciation by Withdrawing FX Liquidity

<p>People’s Bank of China (PBOC) announced to increase of FX deposit reserve requirement ratio (RRR) to 7% from the current 5%, effective June 15. The move, together with recent comments from official, suggests that the central bank is getting uncomfortable with recent appreciation in renminbi (RMB, CNY). We believe the move marks a step backward […]</p>
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