China raises cross-border yuan use requirement for major banks, Bloomberg News reports
China's central bank asked its major lenders to raise the share of yuan when facilitating cross-border trade, Bloomberg News reported on Monday, citing people familiar with the matter.
The People's Bank of China increased the floor ratio for yuan-denominated trade transactions to 40% from 25% as part of its recent adjustment to the Macro Prudential Assessment, the report said.
Reuters could not immediately confirm the report.
(Reporting by Kritika Singh in Bengaluru; Editing by Toby Chopra)
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