(Beijing Reuters) Three sources revealed that the Central Bank of China is tightening the supervision of large US dollars in domestic enterprises to alleviate the pressure of the RMB depreciation.
Reuters on Monday (September 11) quoted sources as saying that the People's Bank of China met with some commercial banks last weekend to discuss the above issues with a foreign exchange purchase quota (about S $ 68.08 million) or above.The approval of the central bank, the approval process will also be extended.
A source said that the renminbi has recently depreciated very seriously, and many people expect the yuan against the US dollar to fall below the 7.5 mark.Another source said that the central bank had warned some loan institutions for some companies representing corporate customers.
The exchange rate of the RMB against the US dollar has fallen by about 6%this year, to the lowest level since the global financial crisis in 2008.
Reuters also quoted sources last month that Chinese monetary regulatory agencies have required some banks to reduce or delay the purchase of the US dollar to slow down the depreciation of the RMB.
At the same time, Chinese state -owned banks also sell US dollars in domestic and offshore markets, and tighten the liquidity of RMB in the offshore foreign exchange market to increase the cost of short RMB.
