China steps up support for property market and renminbi

But questions over the outlook of cash-strapped developers have subdued demand for Chinese securities and prompted investment banks to downgrade their forecasts for the renminbi’s dollar exchange rate.The PBoC said it would lower its foreign exchange reserve requirement for banks from 6 per cent to 4 per cent, with effect from September 15, “in order to improve the capacity of financial institutions to use foreign exchange funds”. The renminbi rose as much as 0.2 per cent to Rmb7.

Sean Callow, senior currency strategist at Westpac, said: “It’s a very difficult battle for Chinese authorities to restore confidence in the currency given the combination of a resilient dollar and weak domestic data from the property sector.” John Lam, head of China and Hong Kong property research at UBS, said it could help anchor price expectations in the biggest cities.

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