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SHANGHAI China's central bank has suspended at least three foreign banks from conducting some foreign exchange business until the end of March, three sources who had seen the suspension notices told Reuters on Wednesday. Included among the suspended services are liquidation of spot positions for clients and some other activities related to cross-border, onshore and offshore forex, the sources said. The sources, speaking on condition that the banks were not named, said the notices sent to the affected foreign forex by the People's Bank of China PBOC gave no reason for the suspension. Separately, three financial market sources in Europe said Deutsche Bank was one of the banks to have part of its foreign exchange bank in China suspended. The measure follows a slew of steps taken by the Chinese government to steady the yuan since it devalued the currency in August. The spread between the onshore and offshore markets for the yuan, or renminbi, has been growing since the devaluation, making it increasingly difficult for the central bank to manage its currency and stem an outflow of capital from an economy that is facing its slowest growth in 25 years. The sources told Reuters that authorities had warned the banks that forex they engaged in lucrative carry trade, taking advantage of the different exchange rates, the central bank would move to further block arbitrage channels. The sources said the banks might have been targeted due to the large scale of their cross-border forex businesses. An economist forex a top government think-tank said the measure was a temporary bid to curb demand for dollars that has been strengthening towards the end of the year as the gap between the onshore forex offshore yuan exchange rates widens. In common with forex markets worldwide, there are no official data on which banks are the most active in trading foreign exchange in China. A Asiamoney survey asking market participants which brokers they used named Deutsche as the top foreign forex provider in China, followed by Australia and New Zealand Banking Group, HSBC, Citigroup and BNP Paribas. Asked if they had received the central bank's suspension notice, Citi, HSBC and BNP Paribas declined to comment. There was no immediate response from Bank. Standard Chartered and DBS, which also conduct trading in foreign exchange in China, did not respond to requests for comment. The latest move comes just three months after the PBOC ordered banks to closely scrutinize clients' foreign exchange transactions to prevent illicit cross-border currency arbitrage between the offshore and onshore yuan. On Wednesday, the country's foreign exchange regulator also said it would improve its reserve position and contingency plans to curb risks from abnormal cross-border capital flows. The yuan has come under renewed pressure since late November amid speculation that Beijing would permit more depreciation after the International Monetary Fund announced the currency's admission into the fund's basket of reserve bank. The onshore yuan traded in Shanghai has lost 1. The offshore market has traced a similar pattern. The Hong Forex offshore yuan hit an intraday low of 6. Reporting by Shanghai Newsroom; Writing by Lu Jianxin, Nathaniel Taplin and John Ruwitch; Additional reporting by Lawrence White and Umesh Desai in Hong Kong, Kevin Yao in Beijing, Patrick Graham in London and Andreas Kroener in Frankfurt; Editing by Will Waterman, Rachel Armstrong and Jane Merriman. The downsized initial public offering of Blue Apron Holdings Incthe first U. 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It comes form the Irish Origin and its pronouciation is the following: (MAY-rah).
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The controversy escalated as resignations followed amid public criticism, including accusations of corruption and malfeasance.