The People’s Bank of China announced yesterday to cut the foreign exchange reserve requirement ratio (RRR) to 6% from 8% beginning September 15. That is, the amount of foreign-exchange deposits banks need to set aside as reserves will be lowered, freeing up funds to buy Yuan. The move, together with a string of stronger-than expected exchange […]
The post Yuan hit fresh 2-yr low, shrugging PBoC actions appeared first on Action Forex.
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