BEIJING :China on Wednesday granted fresh quotas worth US$3.5 billion under a key outbound investment scheme, sending a signal that Beijing has more tools available to tame the yuan's rapid rise.
But in an unusual mid-month disclosure, the State Administration of Foreign Exchange said QDII quotas totalled US$157.5 billion yuan at the end of Dec. 15, compared with US$154 billion yuan at the end of November. Part of efforts to slow rapid appreciation of the yuan, which hurts Chinese exports, China's central bank had announced a hike in the foreign exchange reserve requirement ratio , which takes effect on Wednesday.