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China puts restrictions on foreign lending to support currency
16 August 2018 08:44 PM
Mubasher: A report reported that China has blocked local banks from some external lending activities; to ease pressure on the yuan.
The Shanghai People's Bank of China (PBOC) announced restrictions this morning, including the closure of deposit channels and lending to the yuan abroad through free trade zones as the currency depreciated, the official Xinhua news agency quoted unnamed sources as saying on Thursday.
The Chinese State Council has approved the establishment of free trade zones to allow foreign investors to practice international trade, warehousing, processing and export. China currently has 15 regions.
The Chinese currency suffered a sharp decline over the past period and recorded a 15-month low against the US dollar.
The move is aimed at reducing the liquidity of the Chinese currency abroad, making the betting against the yuan through the mechanism of "Short Seal" more expensive, which supports the currency.
The yuan has been under pressure from concerns over the escalating Sino-US trade war and signs of China's economic slowdown, with the currency losing about 5.7 percent of its value against the dollar since the beginning of this year.
By 3:20 pm GMT, the Chinese yuan against the US dollar rose about 0.7% to 6.8855 yuan.
https://www.mubasher.info/news/3331835/%D9%88%D9%83%D8%A7%D9%84%D8%A9-%D8%A7%D9%84%D8%B5%D9%8A%D9%86-%D8%AA%D8%B6%D8%B9-%D9%82%D9%8A%D9%88%D8%AF%D8%A7-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D8%A5%D9%82%D8%B1%D8%A7%D8%B6-%D8%A7%D9%84%D8%AE%D8%A7%D8%B1%D8%AC%D9%8A-%D9%84%D8%AF%D8%B9%D9%85-%D8%A7%D9%84%D8%B9%D9%85%D9%84%D8%A9
16 August 2018 08:44 PM
Mubasher: A report reported that China has blocked local banks from some external lending activities; to ease pressure on the yuan.
The Shanghai People's Bank of China (PBOC) announced restrictions this morning, including the closure of deposit channels and lending to the yuan abroad through free trade zones as the currency depreciated, the official Xinhua news agency quoted unnamed sources as saying on Thursday.
The Chinese State Council has approved the establishment of free trade zones to allow foreign investors to practice international trade, warehousing, processing and export. China currently has 15 regions.
The Chinese currency suffered a sharp decline over the past period and recorded a 15-month low against the US dollar.
The move is aimed at reducing the liquidity of the Chinese currency abroad, making the betting against the yuan through the mechanism of "Short Seal" more expensive, which supports the currency.
The yuan has been under pressure from concerns over the escalating Sino-US trade war and signs of China's economic slowdown, with the currency losing about 5.7 percent of its value against the dollar since the beginning of this year.
By 3:20 pm GMT, the Chinese yuan against the US dollar rose about 0.7% to 6.8855 yuan.
https://www.mubasher.info/news/3331835/%D9%88%D9%83%D8%A7%D9%84%D8%A9-%D8%A7%D9%84%D8%B5%D9%8A%D9%86-%D8%AA%D8%B6%D8%B9-%D9%82%D9%8A%D9%88%D8%AF%D8%A7-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D8%A5%D9%82%D8%B1%D8%A7%D8%B6-%D8%A7%D9%84%D8%AE%D8%A7%D8%B1%D8%AC%D9%8A-%D9%84%D8%AF%D8%B9%D9%85-%D8%A7%D9%84%D8%B9%D9%85%D9%84%D8%A9
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