China asks some banks to reduce or delay dollar buying to ease pressure on yuan

by DailyBriefers

Business & Finance

Reuters exclusively reported that China’s currency regulators have asked commercial banks to delay or reduce their dollar purchases as authorities try to contain yuan weakness. The scoop is the latest report on central bank measures in currency markets and prompted an immediate response from authorities, with China’s State Administration of Foreign Exchange (SAFE) issuing a comprehensive statement exclusively to Reuters.

Market Impact

Chinese yuan has lost 3.6% against the U.S. dollar so far this year, hitting 7.16 per dollar on Tuesday to be one of Asia’s worst performing currencies. 

Article Tags

Topics of Interest: Business & Finance

Type: Reuters Best

Sectors: Business & Finance

Regions: Asia

Countries: China

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Significant National Story

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