China's central bank is tightening its scrutiny of bulk dollar purchases by domestic firms, three sources with direct knowledge of the matter said on Monday, at a time when the Chinese currency faces mounting depreciation pressure. Companies that need to purchase $50 million or more will now need approval from the People's Bank of China (PBOC), which convened a meeting with some commercial banks over the weekend on the matter, the sources said. "The approval process will be extended," said one of the sources. "The recent yuan depreciation has indeed been too severe, and many now expect the yuan to weaken beyond ... (full story)