PBoC imposes reserve requirements on offshore deposits for first time

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People's Bank of China

The People's Bank of China (PBoC) will impose reserve requirement ratios (RRRs) on CNH deposits for the first time as it attempts to counter speculation against the renminbi in offshore markets.

The reserve requirements, which have yet to be revealed, will be imposed on offshore banks' renminbi deposits with correspondent and clearing banks onshore as well as on renminbi clearing banks offshore on January 25, the central bank said today (January 18).

CNH deposits held with banks onshore

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