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Yuan spikes higher as PBoC slashes FX RRR, but move quickly undone
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 “improve financial institutions’ ability to use foreign exchange funds.” This rate cut is set to release approximately USD 16.4B in foreign […] The post Yuan spikes higher as PBoC slashes FX RRR, but move quickly undone appeared first on Action Forex...
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Posted: Sep 1 2023, 03:49
Author Name: actionforex
Views: 103112