China’s central bank has cut the amount of foreign exchange banks must keep in reserve, an attempt to bolster the country’s rapidly weakening currency.. It is worth around 6.94 per U.S. dollar in the more freely traded offshore market, taking its year-to-date decline against the dollar to 8.4%, according to FactSet.
The decision to cut the foreign-exchange reserve ratio was a sign that China’s central bank isn’t willing to stand by and continue, said Zhiwei Zhang, president and chief economist of Pinpoint Asset Management. It was the second time the central bank had cut the foreign-exchange reserve requirement ratio this year, after a 1 percentage point cut in April, during another period of yuan weakness.
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