Good MornING Asia - 6 August 2018

The People’s Bank of China (PBOC) has announced a re-introduction of reserve requirements on FX forwards trading – a move clearly aimed at taking pressure off the renminbi as USD/CNY closed in on 7.00. This looks only a temporary reprieve for the renminbi; prior PBoC attempts to stem CNY weakness haven't been all that successful in reversing a trend