PBOC moves to slow yuan's appreciation after it notched up biggest rally in 13 years

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China’s central bank lowers a reserve requirement for financial institutions' trading of the yuan's forwards, a move many believe is meant to stabilise the currency's exchange rate after it notched up its biggest rally in more than 13 years.

Financial institutions will no longer need to set aside cash when purchasing foreign exchange for clients through currency forwards, effective from Monday, according to a statement from the People’s Bank of China (PBOC) on Saturday.

The adjustment will reduce cost for the yuan's short sellers to bet against the currency. Banks . . .

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