Thursday, February 22, 2024
HomeEconomyChina eases foreign exchange regulations in response to Fed rate hike: FT

China eases foreign exchange regulations in response to Fed rate hike: FT

(Reuters) – As the Federal Reserve hikes interest rates by 0.75 percentage points, the Financial Times quoted two people familiar with the matter as saying.

The yuan’s sharp decline over the past week began after regulators told traders they were easing restrictions on foreign exchange trading, the report added.

Citing a person familiar with the matter, the report said the easing was taken because policymakers “believed that now is the right time to devalue the yuan.”

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