# PBOC raises FX reserve requirement ratio; onshore and offshore yuan depreciate over 0.2%

> The People's Bank of China will raise the foreign exchange deposit reserve ratio by 2 percentage points, from 4% to 6%, effective November 15. Onshore and offshore yuan both depreciated more than 0.2% intraday after the fix was set at 6.7150.

- Date: 2026-11-03 · published 2026-11-03T03:08:22.807Z
- Category: policy · region China · magnitude medium
- Page: https://feedsoft.ai/events/76877-pboc-raises-fx-reserve-requirement-ratio-onshore-and-offshore-yuan-depreciate
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md), [Korean Won (KRW per USD)](https://feedsoft.ai/c/USDKRW.md)

## Why it matters

Higher reserve requirements cut the dollars available onshore, which pushes up USD/CNY and makes dollar-priced feed imports dearer for Chinese buyers. The effect on grain prices is indirect and modest.

## Read by commodity

- WTI: bearish ▼
- USDCNY: bullish ▲
- USDKRW: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-06-01 | [The release and refill of the Strategic Petroleum Reserve](https://feedsoft.ai/events/35853-the-release-and-refill-of-the-strategic-petroleum-reserve.md) | +6.5% | +2.6% |
| WTI | 2021-11-24 | [Oil prices drop as coordinated reserve release eases some supply fears](https://feedsoft.ai/events/4776-oil-prices-drop-as-coordinated-reserve-release-eases-some-supply-fears.md) | -16.5% | -7.1% |
| WTI | 2022-04-06 | [Oil slumps to three-week low after Fed minutes, big IEA reserve release announcement \| Reuters](https://feedsoft.ai/events/41761-oil-slumps-to-three-week-low-after-fed-minutes-big-iea-reserve-release.md) | -1.4% | +5.7% |
| WTI | 2022-03-31 | [Opec+ sticks to output rise plans for May as US announces release of record oil reserves \| The National](https://feedsoft.ai/events/42176-opec-sticks-to-output-rise-plans-for-may-as-us-announces-release-of-record-oil.md) | -10.6% | -2.2% |
| WTI | 2018-06-23 | [OPEC deal to raise oil production will 'rein in prices' - Algerian PM](https://feedsoft.ai/events/64448-opec-deal-to-raise-oil-production-will-rein-in-prices-algerian-pm.md) | +7.6% | -1.4% |
| USDCNY | 2020-07-03 | [PBOC Softens Yuan-Dollar Central Parity Rate by 72 Bips to 7.0638](https://feedsoft.ai/events/9735-pboc-softens-yuan-dollar-central-parity-rate-by-72-bips-to-7-0638.md) | -0.9% | -1.3% |
| USDCNY | 2025-01-23 | [China’s yuan slips on worries over Trump tariff plans, pre-holiday dollar demand - Markets - Business Recorder](https://feedsoft.ai/events/9598-china-s-yuan-slips-on-worries-over-trump-tariff-plans-pre-holiday-dollar-demand.md) | -0.4% | -0.2% |
| USDCNY | 2021-01-06 | [China moves to curb yuan rally pressure due to hot money and export concerns \| South China Morning Post](https://feedsoft.ai/events/49366-china-moves-to-curb-yuan-rally-pressure-due-to-hot-money-and-export-concerns.md) | +0.1% | +0.3% |

## Sources

- english.news.cn: http://english.news.cn/20261103/675daab9069d4063ab6569a54fd89292/c.html
- au.investing.com: https://au.investing.com/news/forex-news/asian-currencies-mixed-as-yuan-slides-after-pboc-move-won-rebounds-4736161
- economictimes.indiatimes.com: https://economictimes.indiatimes.com/markets/us-stocks/news/chinese-yuan-set-for-biggest-daily-drop-in-six-months-after-pboc-tightens-fx-reserves/articleshow/135482249.cms
- en.fnnews.com: https://en.fnnews.com/news/202611031517463497
- finance.caixin.com: https://finance.caixin.com/2026-11-04/102500561.html
- financialnewsletter.com: https://financialnewsletter.com/china-to-raise-fx/
- theedgemalaysia.com: https://theedgemalaysia.com/node/824340
- uk.investing.com: https://uk.investing.com/news/forex-news/asian-currencies-mixed-as-yuan-slides-after-pboc-move-won-rebounds-4951031
- 21jingji.com: https://www.21jingji.com/article/20261103/herald/7f8f8626ea404514f3d64e9abf807857.html
- bloomberg.com: https://www.bloomberg.com/news/articles/2026-11-03/offshore-yuan-weakens-after-pboc-moves-to-cool-currency-rally
- brecorder.com: https://www.brecorder.com/news/40447192
- caixinglobal.com: https://www.caixinglobal.com/2026-11-03/china-to-raise-forex-deposit-reserve-requirement-to-curb-yuans-rally-102500375.html
- cnfin.com: https://www.cnfin.com/hs-lb/detail/20261103/4490174_1.html
- fx.co: https://www.fx.co/en/forex-news/3267816
- investing.com: https://www.investing.com/news/forex-news/asian-currencies-mixed-as-yuan-slides-after-pboc-move-won-rebounds-4993468
- investing.com: https://www.investing.com/news/stock-market-news/why-is-the-chinese-yuan-falling-today-93CH-4993475
- marketwatch.com: https://www.marketwatch.com/story/yuan-weakens-as-pboc-signals-discomfort-with-rapid-gains-008af894
- nbd.com.cn: https://www.nbd.com.cn/articles/2026-11-03/4636911.html
- scmp.com: https://www.scmp.com/business/article/3373053/pboc-raise-reserve-requirement-ratio-foreign-exchange-deposits-2-percentage-points
- straitstimes.com: https://www.straitstimes.com/business/china-to-raise-fx-reserve-requirement-to-slow-yuans-rally
- timesoftrading.com: https://www.timesoftrading.com/news/forex/asian-currencies-yuan-won/
- eeo.com.cn: http://www.eeo.com.cn/2026/1103/1082522.shtml

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.