The Chinese yuan on the spot market snapped a 13-day streak of gains, the longest since 1995, and posted its biggest daily drop in five months, Reuters reports. The sharp drop in quotes was a response to the People's Bank of China's decision to increase foreign exchange reserve requirements to curb the appreciation of the national currency. The yuan has strengthened more than 10% against the dollar since April last year, but on a real effective exchange rate basis it is still about 15% weaker than March 2022 levels.