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Economics article interpretation

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......the People’s Bank of China surprised investors last Friday by announcing a 50 basis-point rise in commercial bank reserve requirements in a bid to soak up excess liquidity in its financial system.

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I'm doing an ia on exchange rates and I want to use this article, but the wording is kinda throwing me off. In that excerpt, I think it's saying that the bank of China is buying up its own currency to increase demand for it, am I right?

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