"Banks have been lobbying SAFE to allow corporates to enter into currency swaps for some time," said an Asian bank trader based in Shanghai.

“银行一直向外管局进言，希望在一段时间内，放行企业参与货币掉期交易业务。”据上海某一亚洲银行的交易人称。

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“Banks have been lobbying SAFE to allow corporates to enter into currency swaps for some time,” said an Asian bank trader based in Shanghai.

“银行一直向外管局进言，希望在一段时间内，放行企业参与货币掉期交易业务。”据上海某一亚洲银行的交易人称。

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Given ultralow U.S. interest rates, if there was a smart time for China to rebalance its currency reserves away from dollar-based investments, it is now.

考虑到美国超低的利率水平，如果中国要为减少其外汇储备中的美元资产挑选一个明智的时机，那就是眼下。

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And it's time for them to go ahead and move towards a market-based system for their currency.

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By the time most other U.S.-based traders heard the news the next morning, the currency had already taken a drubbing.

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