China Implements Measures to Ease Yuan Pressure by Restricting Dollar Purchases - Exclusive Sources
China's currency regulators have reportedly instructed some commercial banks to reduce or delay their dollar purchases in an effort to slow the pace of yuan depreciation. The regulators specifically emphasized that banks should refrain from purchasing dollars under their proprietary trading accounts. The Chinese yuan has already lost 3.6% against the U.S. dollar this year, making it one of Asia's worst performing currencies. The People's Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) have not yet commented on the matter.