Dec. 31, 2015
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.
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