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China's central bank said it will cut the foreign exchange reserve requirement ratio for banks by 100 basis points to 8%, effective May 15. The move aims to slow the yuan's depreciation, which had reached a one-year low of 6.5775 per dollar amid COVID lockdowns and a narrowing yield advantage.
A weaker yuan raises the dollar cost of China's imports of feed grains and meal, which can cut demand. The easing is meant to support the yuan, which would reduce that pressure, though the effect on feed prices is indirect.
brecorder.comReuters26 de abr. de 2022Após 50 eventos baixista de política passados, Yuan chinês (CNY por USD) subiu em mediana -0,1% em 5 sessões (46% de alta; metade central de -0,4% a +0,4%), e -0,0% em 20.
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The PBOC FX reserve ratio cut shows depreciation pressure was strong and the yuan was at one-year lows, but it came earlier and was intended to slow the decline.
