China’s central bank is trying to restrain the rise of the yuan after the currency hit a 2 1/2-year high against the dollar.
Commercial banks were ordered Thursday to increase the amount of their foreign currency deposits that are held as reserves for the second time this year. That reduces the amount available for trading, making it easier for Beijing to manage the exchange rate.is trying to make the yuan’s state-set exchange rate more flexible and market-oriented but has intervened over the past year to restrain its rise.
Thursday's order raised banks' foreign currency reserves to 9% of deposits from 7%. It was increased to that level from 5% in May, the first change since 2007. Economists said then that it locked up about $20 billion in foreign currency.
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