PBOC cut reserve ratio for banks' forex deposits after yuan hit weakest level in 17 months

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The Chinese central bank moves to support the yuan after the currency weakened to the lowest level in 17 months amid growing concerns about China's Covid-19 outbreaks and expectations of faster interest rate hikes by the US Federal Reserves.

The People's Bank of China (PBOC) cut the amount of money that banks are required to keep for their foreign currency holdings by 1 percentage point to 8% from the previous 9%, effective . . .

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