China's commercial banks' net foreign exchange sales plummeted by 47% to their lowest level in six months in February due to stricter regulations and a steadier yuan. The People's Bank of China (PBOC) said on Tuesday that it would cut interest rates for banks operating overseas from the end of March as part of efforts to curb capital outflows.
China's commercial banks' net foreign exchange sales plummeted by 47% to their lowest level in six months in February due to stricter regulations and a steadier yuan. The country's forex regulator said capital inflows and outflows will become more balanced in future.