24 days ago • Posted by Martin Boujol
China is trying hard to curb Yuan's gain
For the first time in a decade, the Chinese government has forced banks to hold more foreign currencies in an effort to contain Yuan's gains. Starting June 15, the nation's financial institution will be obliged to hold 7% of their foreign exchange, a 2% increase, and the first since 2007. The currency fell 0.2% following the news in Hong Kong on Monday morning.
Source: Bloomberg, Yahoo Finance