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MNI BRIEF: China Regulator Warns Banks On One-Way Yuan Bets

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The China Foreign Exchange Self-Discipline Mechanism, which is overseen by the People's Bank of China, warned its member banks against one-way bets against the yuan and urged them to stabilise the forex market and curb currency volatility.

A meeting held by the self-regulation body on Wednesday demanded its members - mostly banks submitting quotes to inform the yuan daily fixing - to respect the PBOC’s dollar-yuan reference rate, according to the PBOC's website. Authorities will enhance management and monitor transactions in the forex market, and crack down on speculation, according to the website.

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The China Foreign Exchange Self-Discipline Mechanism, which is overseen by the People's Bank of China, warned its member banks against one-way bets against the yuan and urged them to stabilise the forex market and curb currency volatility.

A meeting held by the self-regulation body on Wednesday demanded its members - mostly banks submitting quotes to inform the yuan daily fixing - to respect the PBOC’s dollar-yuan reference rate, according to the PBOC's website. Authorities will enhance management and monitor transactions in the forex market, and crack down on speculation, according to the website.

Keep reading...Show less