BEIJING -- China has begun moving to curb the yuan's post-coronavirus rally as upward pressure on the currency starts to cut into exports, a crucial engine of economic growth.
The People's Bank of China said Monday it will raise the share of foreign-currency deposits that banks with branches in the country must set aside in reserve from 5% to 7% as of June 15. This marks the first increase in the foreign-exchange reserve requirement since 2007.
