This Chinese State Bank Is Said to Be Quietly Clamping Down on Foreign Currency Sales
One year ago - By Fortune
Bank of China, one of the country's “Big Four” state banks, has begun to sharply limit corporate customers' ability to purchase foreign currency in Shanghai, in what sources said on Friday was a bid to help stem capital outflows and ease depreciation pressure on the yuan.
Under the unwritten new policy, described by two sources familiar with the details, bankers at China's fourth-biggest lender began this week to discourage companies wishing to change yuan into dollars.
Those firms which insisted on doing so were told they would be restricted to exchanging a maximum of $1 million...
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