Limit Orders Banks Forex

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SHANGHAI/HONGKONG (Reuters) - China's foreign exchange regulator has ordered banks in some of the country's major import and export centres to limit purchases of U.S. Dollars this month, three people with direct knowledge said on Friday, in the latest attempt to stem capital outflows. The move comes as China reported its biggest annual drop in foreign exchange reserves on record in 2015, while the central bank has allowed a sharp slide in the yuan currency to multi-year lows, raising fears of more capital flight and panicking global markets. The price spread between the onshore and offshore markets for the yuan, or renminbi, has been growing since China's surprise devaluation last August, spurring Beijing to adopt a range of measures to curb outflows of capital. All banks in certain trading hubs, including Shenzhen, received the regulator's order recently, the people added. They declined to be identified because they are not allowed to speak to the media. 'It will have some impact, because it is a form of control, but at the moment the limit doesn't seem very restrictive so unless they extend the period of the limit, it's unlikely to change volumes over the whole year,' said a senior banker in the foreign exchange department of a foreign bank.

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'It's just to stop panic buying this month,' the banker added. The total amount of U.S. Dollars sold to clients in January for a bank in one of these hubs cannot exceed the amount sold in December, according to the people.

Limit Orders Banks Forex

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'They have asked us to limit our purchase amount and there are targets, but it mainly relates to institutions and enterprises, there is no change to the policy on individuals,' said one person. Officials at State Administration of Foreign Exchange did not immediately respond to comment. China suspended forex business for some foreign banks, including Deutsche, DBS and Standard Chartered at the end of last year. (Reporting by Shanghai and Hong Kong newsrooms; Writing by Engen Tham; Editing by Kazunori Takada & Kim Coghill). Reuters The second-largest U.S. Wireless carrier by subscribers said at an analyst meeting in New York that it will pay down $18 billion to $20 billion of its debt by the end of 2019, and will generate up to $8 billion in cash in part through the sale of some assets.

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Shares of AT&T, which rose 1 percent in after hours trade during the presentation, are down 21 percent so far this year as investors have been concerned about its heavy debt - which totaled $183 billion as of Sept. 30 - after its purchase of media company Time Warner. AT&T said the growth in free cash flow will help achieve its end-of-year net-debt-to-adjusted-EBITDA ratio of 2.5 times range. Zacks The market expects Synopsys (SNPS) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended October 2018. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on December 5. Binary Forex currency futures quotes. options trading platforms. American City Business Journals Honda Motor Co.

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