18
Friday
June 2021
11:13 PM IST
News Headlines
Multan knocks Quetta out of PSL with 110-run win        WTC Final: Kohli eyes legacy, Williamson prize for consistency in battle of equals        India extends USD 100 million Line of Credit to Sri Lanka for solar energy projects        China successfully launches first crew to new space station        Biden, Putin discuss ambassadors, nuclear weapons and more        Pre-monsoon showers in national capital        Sonia taken Covid jabs, govt should inoculate all instead of creating non-issues: Cong        PM should acknowledge his mistakes, seek expert help to rebuild India: Rahul        PM invites world to invest in India        Yuvraj Singh becomes face of PUMA Motorsport in India        Dutee expects Olympics spot on basis of world rankings if not through qualification timing        India's fuel demand rebounds in June        Power consumption grows 9.3 pc in first half of June        UK expands COVID-19 vaccination drive to cover all over-21s        China says nuclear fuel rods damaged, no radiation leak        Tourists delighted after Taj Mahal reopens after two months        Odisha extends partial lockdown till July 1, opens borders with Chhattisgarh, Jharkhand        PM to launch customised crash course for Covid frontline workers        Unseeded Krejcikova wins maiden Grand Slam title in Paris        Diesel at Rs 100 mark in Rajasthan; Karnataka sees Rs 100/ltr petrol        
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Business News
China's central bank tries to stop surge in currency's value
 
Beijing, Jun 1 (AP) China's central bank is trying to restrain the surging exchange rate of its currency, temporarily backtracking in efforts to make the tightly controlled yuan more flexible and market-oriented.

On Monday, commercial lenders were ordered to hold more of their foreign currency as reserves in the central bank to limit sales after the yuan hit a four-year high of 6.3674 to the US dollar.

The People's Bank of China is trying to deter speculators after the yuan rose by about 12% against the dollar since May.

The ruling Communist Party said in 2015 it planned to make the yuan a freely tradable and freely usable currency by last year. But it has kept controls in place due to concern about swings in the exchange rate and the flow of money into and out of the world's second-largest economy.

It looks as if the PBoC still wants to stick to the idea of exchange rate liberalization, said Iris Pang of ING in a report.

But this is difficult to achieve if the PBoC doesn't like speculators, Pang said. A market consists of FX users and investors, including speculators.

Monday's order raised the amount of their foreign currency reserves banks must keep on deposit with the PBoC from 5% to 7%. That change, the first since 2007, will lock up about 20 billion of their 1 trillion in foreign currency, according to Macquarie Group.

The increase is a strong signal that policymakers are increasingly uncomfortable with the speed of the yuan's rise, Macquarie said in a report.

The surge in the yuan's value threatens to make China's goods more expensive in foreign markets, hampering a manufacturing revival following last year's slump.

A stronger yuan would make imported oil, iron ore and other raw materials cheaper for Chinese manufacturers following a rise in global commodity prices. But Monday's order suggested regulators are less worried about that than about financial stability.

In 2017, the central bank tightened controls on trading to stop a fall in the yuan's value after a change in the mechanism used to determine its state-controlled exchange rate set off a flurry of selling.


India extends USD 100 million Line of Credit to Sri Lanka for solar energy projects
India's fuel demand rebounds in June
Power consumption grows 9.3 pc in first half of June
Diesel at Rs 100 mark in Rajasthan; Karnataka sees Rs 100/ltr petrol
Rupee slips 13 paise to 73.02 against US dollar in early trade
Disruption in operations may lead to demand uncertainty in home improvement categories: Asian Paint
Seven of top-10 most valued firms add over Rs 1.15 lakh cr to m-cap; RIL lead gainer
RBI projects retail inflation at 5.1 pc in FY22 on supply-side measures, monsoon
Mukesh Ambani draws nil salary
Urban Company raises USD 255 mn, valuation crosses USD 2.1 bn
Ashok Leyland expects plants to be operational only for up to 10 days in June
Google, Facebook updating website to reflect new grievance officer appointed under IT rules
SBI & IBA announces various support measures and launch of new loan products by all Public Sector Banks
Honda 2wheelers India resumes production at its plants across India in a phased manner
Working closely with Jio to build affordable smartphone: Google CEO Pichai
Canon celebrates 50th anniversary of its first Interchangeable Lens for SLR
MakeMyTrip launches quarantine & isolation facilities across 12 cities
Gati to exit cold chain solutions biz; Q4 consolidated loss widens to Rs 173.40 cr
Multi-language voice assistants in Tata Motors cars
Apple CEO faces tough questions about app store competition
KERALA NEWS
Kerala govt orders SIT probe into ''illegal'' tree felling in Wayanad
 Thiruvanathapuram: In view of raging controversy over the alleged illegal felling and smuggling of c  
LDF govt hand in glove with timber mafias, alleges Union Minister Muraleedharan
COVID-19:Kerala reports 14,233 new cases, 173 deaths
16,204 COVID-19 Cases, 156 Deaths Reported In Kerala
INTERNATIONAL NEWS
China successfully launches first crew to new space station
 Beijing/Jiuquan, Jun 17 (PTI) China successfully launched its longest crewed space mission to date o
Biden, Putin discuss ambassadors, nuclear weapons and more
UK expands COVID-19 vaccination drive to cover all over-21s
China says nuclear fuel rods damaged, no radiation leak
NATIONAL NEWS
Pre-monsoon showers in national capital
 New Delhi, Jun 17 (PTI) Several parts of the national capital received light to moderate pre-monsoon
Sonia taken Covid jabs, govt should inoculate all instead of creating non-issues: Cong
Tourists delighted after Taj Mahal reopens after two months
Odisha extends partial lockdown till July 1, opens borders with Chhattisgarh, Jharkhand
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