2015-12-30 — reuters.com
The sources, speaking on condition that the banks were not named, said the notices sent to the affected foreign banks 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 business 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.
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The sources told Reuters that authorities had warned the banks that if they engaged in lucrative carry trade, taking advantage of the different exchange rates [between onshore and offshore yuan], the central bank would move to further block arbitrage channels.
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