China’s central bank has said it will to cut the amount of foreign currency that financial institutions are required to hold in reserve, signalling its resolve to support the weakening renminbi.
The currency has dropped more than 5 per cent against the dollar this year amid concerns about the world’s second-biggest economy, which has been slow to recover since Beijing abandoned coronavirus restrictions at the start of 2023.
Policymakers have picked up the pace of new measures to support China’s currency and economy, particularly in property. The cities of Guangzhou and Shenzhen this week eased mortgage conditions for first-time homebuyers.
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