PBOC suspends forex operations for at least 3 foreign banks

FXStreet (Mumbai) - As reported by Reuters, China's central bank, PBOC, has suspended at least three foreign banks from conducting some foreign exchange business until the end of March.

Reuters noted, “Included among the suspended services are liquidation of spot positions for clients and some other activities related to cross-border, onshore and offshore businesses. The measure follows a slew of steps taken by the Chinese government to keep the yuan stable since it devalued the currency in August.”