JPMorgan Exits Long Yuan Positions After PBOC Policy Shift
JPMorgan closed long offshore yuan positions today after China cut risk reserves for currency forwards. Analysts took profits but remain bullish long-term.
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Analysts at JPMorgan have moved to close their long positions on the offshore Chinese yuan following a strategic intervention by the central bank of China to curb the currency's rapid appreciation. The People's Bank of China (PBOC) revealed it would slash risk reserves for currency forward purchases from 20% to zero, effective March 2.
