China tries again to support its battered economy, bringing in new measures to boost the yuan

• China ramped up its efforts to support the struggling yuan Friday.
• Its central bank slashed the amount of foreign currency financial institutions are required to hold.
• The renminbi has plummeted against the dollar this year, with China’s economy stagnating.

China rolled out new measures designed to prop up the struggling yuan Friday as Beijing made its latest attempt to give the country's economy a much-needed boost.

The People's Bank of China said that on September 15, it will slash the amount of foreign currency deposits financial institutions are required to hold from 6% to 4%.