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Yuan, Is 7 the Magic Number?

Maleeha Bengali

As the currency flirted past 6.90, investors were worried that China was more willing to let its currency fall further. Low and behold, on Friday, the People's Bank of China (PBOC) surprised the markets in a statement that hiked the reserve requirement for foreign exchange (FX) forwards from 0% to 20%, effectively making it much more expensive to bet against the yuan.