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PBOC Likely To Support Yuan Should It Weaken Further: Guan Tao

CHINA PRESS
MNI (Singapore)

The People’s Bank of China is likely to further reduce the foreign exchange deposit reserve ratio for banks, and use measures such as raising the FX risk reserve ratio and restarting counter-cyclical policies should the depreciation of the yuan continue, wrote Guan Tao, former forex official and chief economist at BOC Securities in a blog post. The PBOC’s move to cut the FX deposit reserve ratio by one percentage point on Monday is more of a signal to express concern about the current sharp yuan drop, and it will help curb any momentum of shorting the yuan, Guan said.

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