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Exclusive: China pushes Huarong to sell non-core units, mulls implicit support

BEIJING/HONG KONG (Reuters) -China is pushing China Huarong Asset Management Co to sell non-core assets, two people involved in the revamp told Reuters, while considering offering an implicit guarantee of the liabilities of the debt-laden bad-debt manager. The plan, one source said, envisions the authorities informally backing $20 billion of dollar debt coming due this year for the sprawling company, one of the nation's four giant state-owned asset managers. Huarong's problems spooked investors in China's dollar-bond market in April after it delayed its business results, prompting ratings downgrades, warnings from global agencies and an ongoing suspension in share trading. ....

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China raises banks' FX requirements to rein in yuan


Article content
SHANGHAI China’s central bank has directed financial institutions to hold more foreign exchange in reserve, a move that analysts say could help temper a rally in the yuan after the currency hit a three-year high against the dollar on Monday.
The People’s Bank of China (PBOC) said it will raise the FX reserve requirement ratio for financial institutions to 7% from 5%, from June 15. The increase will make it more expensive for banks to hold dollars.
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UPDATE 1-China state banks buy dollars to curb rapid yuan rally -sources


By Reuters Staff
(Adds comments, details and background)
SHANGHAI/BEIJING, May 25 (Reuters) - China’s major state-owned banks were seen buying U.S. dollars at around 6.4 yuan per dollar level on Tuesday afternoon, four sources with knowledge of the matter said, in a move viewed as an effort to curb fast yuan appreciation to breach the key level.
The onshore yuan opened at 6.4110 per dollar and jumped to a high of 6.4016, the strongest level since June 2018 and a tad below the psychologically important 6.4 per dollar level.
One of the sources said the state-run bank quickly stepped in to soothe the fast yuan rally in the onshore market after its offshore counterpart rose past the key level. ....

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