China to start reserve ratio for offshore banks' domestic deposits
Move, effective from Jan 25, seen as latest bid to stem RMB speculation and manage cross-border money flow
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CHINA's central bank said on Monday that it will start implementing a reserve requirement ratio (RRR) on offshore banks' domestic deposits, in what appears to be its latest attempt to stem speculation in the yuan and manage money flowing in and out of the country.
Confusion over China's foreign exchange policy and its commitment to reforms has sparked mayhem in global financial markets in recent weeks as the People's Bank of China (PBOC) allowed the yuan to fall sharply and then moved in aggressively to try to steady it.
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