China central bank hikes foreign reserve requirement for 1st time in 5 years

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PBOC looks to check yuan's appreciation, guard against economic headwinds

The increased reserve ratio aims to strengthen foreign exchange liquidity management for financial institutions, according to the People's Bank of China. (Photo by Tomoki Mera)

BEIJING -- The People's Bank of China raised the foreign exchange reserve requirement ratio for financial institutions to 6% from 4% on Sunday, aiming to curb yuan appreciation that could dampen exports.

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