China will impose a reserve requirement on offshore renminbi deposits, the central bank said on Monday, in an effort to soak up liquidity and raise the cost of speculating on renminbi depreciation.
The move marks an escalation of efforts by the People’s Bank of China to discourage capital outflow and curb renminbi weakness in both the onshore and offshore markets.
The spread between onshore and offshore renminbi widened to a record early this month before the PBoC intervened in the offshore — or CNH — market in Hong Kong to narrow the gap. The onshore renminbi has fallen 2.7 per cent against the dollar since December.
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