Definitions
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Etymologies
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Examples
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On Tuesday, the PBoC sterilized again by raising the required reserve ratio for the 12th time in the last two years.
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Some wags are describing the latest reserve requirement hike as a sign that the PBoC is making progress in its fight against inflation, and are even suggesting it will be enough to arrest the more negative effects of a three-year credit binge.
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The People's Bank of China PBoC accumulated its forex reserves by borrowing yuan from the Chinese people.
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They'll endure more painful withdrawal symptoms than the U.S. will when the PBoC ends its own unsustainable borrowing.
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Perhaps that's why the PBoC didn't release the policy publicly, leaving the news to leak out from the banks themselves.
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Were the PBoC to stop buying U.S. Treasurys and other dollar assets, the result would be an immediate increase in the yuan's value.
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On Tuesday, the PBoC sterilized again by raising the required reserve ratio for the 12th time in the last two years.
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The uncertainty could provide the PBoC greater discretion to manage the CNY's real effective exchange rate, albeit at the cost of some autonomy in monetary policy.
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The specifics remain uncertain, but the PBoC seems likely to return to the multi-currency basket, within a band, with a crawling peg regime of the type that prevailed from mid-2005 to mid-08 (the composition of the basket is undisclosed).
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Yet even though we expect gradualism and caution from the PBoC, we predict global markets -- and particularly risk assets and proxies for China revaluation, especially in Emerging Market Asia -- will react positively to the move in the short-term.
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