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Business

Reserves required for foreign banks

1
2016-07-07 09:14Global Times Editor: Li Yan

China is ordering foreign financial institutions that conduct foreign exchange sales in offshore markets to set aside 20 percent of their forward-trading positions as reserves, the China Foreign Exchange Trade System said on Wednesday in a statement on its website.

Starting on August 15, the measure will be applied to foreign financial institutions that carries out foreign exchange trading for their clients in offshore markets and then later tap Chinese markets to the trade.

  

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