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[HONG KONG] China central bank has ordered banks to tighten supervision of their clients foreign exchange deals and strictly check the authenticity of clients' forex purchases and sales to prevent cross-the-border arbitrage, sources with the direct knowledge of the matter told Reuters on Friday.
The People's Bank of China also raised trading fees for some banks to settle their clients' forex deals in the domestic forex market, the sources said.
The fees were raised as high as 0.3 per cent for certain banks, compared with a negligible 0.002 per cent to 0.003 per cent for most banks, traders said.