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PBoC to remove 20% reserve ratio as it aims for ‘reasonable and balanced’ renminbi
The People’s Bank of China is to scrap its reserve ratio for foreign exchange forwards sales in an apparent effort to curb yuan appreciation, shortly after it set its reference rate for the currency at a significantly lower level than the markets had expected.
The PBoC said today (February 27) that the reserve ratio required for FX forwards would be cut from 20% to zero from March 2. The central bank said it would continue to guide financial institutions to optimise exchange rate hedging products
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