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China's central bank has directed financial institutions to hold more foreign exchange in reserve for a second time this year, with markets interpreting it as an attempt to slow down a recent rapid appreciation of the yuan.
China's central bank announced late on Thursday that it will raise the reserve requirement ratio for banks' foreign exchange deposits for the second time this year in Beijing's latest move to curb the yuan's rally against the US dollar.
The People's Bank of China (PBOC) said it will increase the ratio from 7 per cent to 9 per cent from Wednesday next week "to strengthen foreign exchange liquidity management of financial institutions".
The move comes amid the yuan's recent strong gains against the US dollar, with the exchange rates for both onshore and offshore markets hitting their firmest levels in more than three and half years on Wednesday.
In an attempt to tame market sentiment on a firmer yuan, the official said on Thursday that the two-way volatility in the yuan has not changed and the recent rally is not sustainable once the seasonal factor and end of year transaction demand fades.
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$UBS Group (UBS.US)$ $S&P 500 Index (.SPX.US)$ The S&P 500 index rose 1.8% last week, the biggest weekly gain since July last year. UBS economists still believe that the optimism in the stock market is reasonable given the strong economic growth and corporate earnings. UBS said that it is expected that supply chain problems will only drag 1% of earnings per share in 2021, which is not serious compared to our 45% profit growth forecast this year. We still believe that the Fed will see through the nature of the current soaring inflation. The average inflation data in the United States shows that the Fed does not need to take action. As the labor market continues to recover, the yield on Treasury bonds is expected to rise to 1.8% this year. This trend has historically been in line with the stock market’s rise.
Article excerpted from the US Stock Research Agenc

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