An organization formed by key participants in China’s currency market urged banks to limit speculative foreign-exchange trading after the yuan climbed to a six-year high versus peers.
The China Foreign Exchange Committee -- founded under guidance from the central bank -- encouraged lenders to be risk-neutral when trading foreign exchange for themselves and for clients, according to people familiar with the matter. Banks were advised to better track their proprietary trading and improve risk management, the people said, citing a proposal made by core members of the organization that was circulated to members.
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