Currency Wars Return: China Hikes FX Reserve Ratio For First Time In 14 Years In Bid To Weaken Yuan
May 31, 2021 at 19:35 PM EDT
The PBOC unexpectedly announced that for the first time in 14 years, it would hike the required-reserve ratio on foreign currency deposits at financial institutions from 5% to 7% effective from June 15, in an attempt to slow the yuan's appreciation