The People’s Bank of China (PBOC) will set a reserve requirement ratio of 20 percent for the financial institutions settling foreign exchange forward yuan positions, according to Reuters News. The move is set to go into effect today and is aimed at discouraging dollar purchases. As a result, the Chinese yuan (CNY) may find a floor for the short-term, having dropped 8 percent in the past six weeks amid the Sino-US trade tensions. The news first hit the wires on Friday and put a bid under the CNY. The USD/CNY pair (onshore exchange rate) dropped from 6.8926 to 6.8309 on Friday. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/JPY looking to springboard off of support from 82.00 FX Street 5 years The People's Bank of China (PBOC) will set a reserve requirement ratio of 20 percent for the financial institutions settling foreign exchange forward yuan positions, according to Reuters News. The move is set to go into effect today and is aimed at discouraging dollar purchases. As a result, the Chinese yuan (CNY) may find a floor for the short-term, having dropped 8 percent in the past six weeks amid the Sino-US trade tensions. The news first hit the wires on Friday and put a bid under the CNY. The USD/CNY pair (onshore exchange rate) dropped from 6.8926 to 6.8309 on… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
