PBOC RAISE RESERVE REQUIREMENT RATIO FOR FOREIGN CURRENCY DEPOSITS

Highlights –

• PBOC raise reserve requirement ratio for foreign currency deposits.
• Chinese currency renminbi (RMB) remains high against the U.S. dollar.
• RMB has likely experienced some overshooting against the U.S. dollar.
• RMB exchange rate appreciation cannot offset the rise in bulk commodity prices.

The People's Bank of China (PBOC) earlier had sent....