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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

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.


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...

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