Market News
JPMorgan takes profit on Chinese yuan rally - REUTERS
LONDON, Feb 27 (Reuters) - JPMorgan's analysts said they were closing their long offshore Chinese yuan position after the country's central bank cut the cost of buying dollar forwards on Friday in a bid to tame the yuan's recent rally.
The People's Bank of China said it would cut to zero from 20% the risk reserves that banks and financial firms must set aside when purchasing foreign exchange via currency forwards, effective March 2.




