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China's currency regulators are asking some commercial banks to reduce or postpone their purchases of U.S. dollars in order to slow the yuan's depreciation, two people with direct knowledge of the matter said. The informal instruction, or the so-called window guidance, is the latest in a series of steps taken by authorities this year to bolster a currency that has been hit by China's faltering post-pandemic economic recovery and rising yields for the U.S. dollar and other major currencies. One source said regulators were emphatic banks should hold off dollar purchases under their proprietary trading accounts due to the "recent yuan depreciation".

Simon cameron mooreAdministration of foreign exchangePeople bankState administrationForeign exchangeBeijing newsrooms