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BEIJING/HONG KONG China is pushing China Huarong Asset Management Co to sell non-core assets, two people involved in the revamp told Reuters, while… ....
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. ....
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. We apologize, but this video has failed to load. Try refreshing your browser, or China raises banks FX requirements to rein in yuan Back to video ....
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. ....