Posted on January 11, 2016 by Sean Adl-Tabatabai
China have suspended their banks from the Foreign Exchange markets and ordered them to stop buying U.S. Dollars.
China’s foreign exchange regulator has ordered bank’s to limit the purchases of U.S. dollars for at least one month in an attempt to stem capital outflows.
The move comes as China reported its biggest annual drop in foreign exchange reserves on record in 2015, while the central bank has allowed a sharp slide in the Yuan currency to multi-year lows, raising fears of more capital flight.
All banks in certain trading hubs, including Shenzhen, received the order recently, the people added. They declined to be identified because they are not allowed to speak to the media.
Thanks to: http://yournewswire.com