#RMB Appreciation
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Taming the Surge: The Mechanics of PBOC’s FX Reserve Hike and the New Doctrine of Export Hedging
As the onshore RMB surged past 6.65, sparking a panic rush to convert foreign exchange receivables, the PBOC raised the FX reserve requirement ratio for the first time in nearly five years. By freezing $24 billion in bank liquidity, Beijing aims to suppress self-fulfilling overshoot while forcing exporters to adopt currency risk neutrality.