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Telephone< br/> On March 2, a reporter from Securities Daily learned from the central bank that the central bank decided to implement the normal deposit reserve ratio policy for overseas financial institutions depositing in domestic financial institutions (referred to as offshore RMB) starting from March 20. The central bank explained that overseas financial institutions do not include overseas central banks (monetary authorities) and other official reserve management agencies, international financial organizations, sovereign wealth funds and other overseas central bank-type institutions.
On March 1, affected by this news, the offshore RMB rose by more than 3 basis points.
In March 2019, the central bank issued Yinfa Document No. 3, which stipulated that deposits by overseas financial institutions in domestic financial institutions should be included in the scope of deposit reserve delivery, and the deposit reserve ratio was tentatively set at zero. After more than a year of preparation work, the relevant technical conditions have been met, so the central bank decided to implement the normal deposit reserve ratio policy for overseas financial institutions to deposit in domestic financial institutions.
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