Asia-Pacific Markets Poised to Open Mixed; Australian Central Bank Decision Ahead
On Monday, the People's Bank of China announced it would cut the foreign exchange reserve requirement ratio, or the amount of FX reserves that financial institutions must hold, to improve the ability of financial institutions to use foreign exchange funds.
"This cut should help increase FX liquidity and thus lower depreciation pressure for CNY. While the actual impact on FX liquidity is small … this cut serves as a strong policy signal that the PBOC is uncomfortable with the rapid depreciation of the currency," analysts at Goldman Sachs Economics Research wrote in a note late Monday.
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