China Dampens FX Market To Halt Slide In Renminbi
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China's banking regulator has upset foreign banks operating in the local foreign exchange market by issuing a verbal ruling requiring all brokers to match a purchase of U.S. dollars with an equivalent sell order before they can close a deal.
"If this is the shape of things to come in 1997 with Hong Kong then we won't know where we stand," says a foreign banker in Shanghai. The ruling, made in mid-February by the People's Bank of China, is designed to check the continued slide of China's currency
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