(Yicai Global) Sept. 11 -- The yuan bobbed back up against the dollar following a precipitous drop today.
The dollar-yuan spot exchange rate rebounded 102 basis points at 11.10 a.m. to 6.5030 after declining 360 basis points to 6.5132 this morning in onshore markets.
The rate picked up 177 basis points to 6.5158 after being down 344 points to 6.5335 in offshore markets.
The People's Bank of China (PBOC) -- China's central bank -- canceled reserve deposits that overseas yuan business participating banks saved in domestic agency banks from today and lowered the foreign exchange risk reserve ratio from 20 to 0 percent. Analysts ascribed this to PBOC's unwillingness to allow yuan to appreciate too fast.