Banks' daily yuan trading caps to go weekly in 2015

Daily caps on mainland banks’ foreign exchange positions will become weekly limits, Reuters reported, citing a new set of rules published by the State Administration of Foreign Exchange (SAFE). The changes also for the first time establish unified standards for total foreign exchange positions that banks can hold. Starting from Thursday (January 1) SAFE will only check banks’ compliance status each week, according to the new rules published in the regulator’s website, leaving them leeway to short dollars within that period, traders said–though the administration appeared to discourage this interpretation in its statement.