First Word Asia: What to Make of China's Latest Bank Suspensions

Dec. 31, 2015

Bryan Curtis and Bob Moon
Bryan Curtis and Bob Moon
Photo: Bloomberg

The People’s Bank of China has suspended at least two foreign banks from conducting some cross-border yuan business until late March, according to people with direct knowledge of the matter. The clampdown comes as the growing offshore-onshore spread makes it profitable for those who skirt capital controls to buy the currency at a discount in Hong Kong and sell it in Shanghai.

On First Word Asia, Bloomberg's Bob Moon and Bryan Curtis asked Ankur Patel, Chief Investment Officer, R-Squared Macro Management what he made of the action. 

First Word Asia on Bloomberg Radio: Breaking economic, business and market news as it happens around the globe, with a special focus on Asia.

Listen to it live daily here from 7 am to 11 am HK.

https://soundcloud.com/bloomberg-business/first-word-asia-dec-31-2015/s-cIJh4

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