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China's Tobin tax proposal riles banks which flag the risk of foreign exodus

Their responses reflect growing anxiety that efforts to prop up yuan could do long-term damage to nation's financial markets

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The People's Bank of China has been fighting to drive out traders who take advantage of the difference in the yuan's rates at home and abroad.

Beijing

CHINA'S proposal for a tax on currency trading is getting a cold reception in the foreign-exchange market.

Mizuho Bank Ltd says a so-called Tobin tax on yuan trades would reduce liquidity in a currency with bid-ask spreads about five times wider than the yen. A levy would

sentifi.com

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