6th Jan 2016 11:32
LONDON (Alliance News) - Standard Chartered PLC is one of the three banks to have been suspended from conducting some foreign exchange business in China until the end of March, Reuters reported on Wednesday, citing two sources with direct knowledge of the matter.
The ban has been put in place by China's central bank to slow the flight of capital from the country amid weakness in the yuan.
Citing one of the sources, Reuters said Standard Chartered has asked the People's Bank of China to shorten the suspension.
http://uk.reuters.com/article/uk-stanchart-chinacurrency-idUKKBN0UK11Z20160106
Shares in Standard Chartered were down 3.3% at 514.50 pence on Wednesday morning.
By Samuel Agini; [email protected]; @samuelagini
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