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Yuan set for biggest daily drop in 6 months after PBOC raises FX RRR
SHANGHAI: China’s yuan weakened and looked set for the biggest one-day drop against the dollar in six months on Tuesday, after the central bank said it would raise the amount of foreign currency that financial institutions must set aside as reserves. In a statement on Tuesday, the People’s Bank of China (PBOC) said it would raise the foreign exchange reserve requirement ratio (RRR) by 2 percentage points to 6% from 4%, effective on November 15. The move would effectively tighten dollar liquidity and slow the pace of yuan gains, traders and analysts said. “The PBOC sent a clear message to the m...
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