China Urges Banks to Boost Currency Hedging to Shield Exporters

China's foreign exchange regulator has instructed banks to encourage more corporate clients to hedge currency risks to shield exporters from the yuan's appreciation. The regulator's move suggests policymakers want companies prepared for further gains or volatility in the yuan, which has risen 4.3% this year. The yuan inched higher to a fresh multi-year peak against the US dollar on Monday, before easing slightly. The regulator's instructions aim to support China's sluggish economy and the few bright spots in exporters.