PBOC announces foreign exchange RRR cut
By Zhou Lanxu |
chinadaily.com.cn |
Updated: 2022-09-05 17:30
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The People's Bank of China, the nation's central bank, announced on Monday that it would reduce the foreign exchange reserve requirement ratio by 2 percentage points to 6 percent on Sept 15.
Onshore and offshore exchange rates of the renminbi against the dollar strengthened after the PBOC's announcement.
The PBOC last cut the ratio in May by 1 percentage point, which has helped stabilize the foreign exchange market's expectations and alleviate the depreciation pressure of the renminbi against the dollar.
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