0546 GMT - The PBOC's ramped-up efforts to defend the yuan may have limited impact, Mizuho Securities Asia's Ken Cheung says in an email, noting the central bank's latest FX-supportive measures. On Monday, the PBOC made it easier for Chinese companies to raise money from overseas by raising the macroprudential parameter for cross-border funding. However, the PBOC's previous increase in macro-prudential parameter in July 2023 had limited impact on supporting the yuan, the director of FX strategy says. Given lower funding costs in onshore China, Chinese companies and institutions are unlikely to raise capital via cross-border financing, Cheung adds. USD/CNY is little changed at 7.3317. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
January 13, 2025 00:46 ET (05:46 GMT)
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