Foreign Exchange

Deutsche Bank fires three currency traders amid regulatory probe

Deutsche Bank said it had received requests for information from authorities investigating trading in the foreign exchange market. Photo: EPA

Deutsche Bank has fired three New York-based currency traders, in the latest sign that a probe into alleged manipulation of foreign exchange markets is gathering steam, according to a source familiar with the situation.

Wednesday, 5 February, 2014, 12:46pm

New CIC sovereign fund boss faces greater challenges

Beijing has selected Ding Xuedong to lead CIC. Photo: Reuters

The new boss of China Investment Corp, the mainland's US$480 billion sovereign wealth fund whose chairmanship had been vacant for about five months, faces two immediate challenges - making more money from the fund's overseas investments and finding additional capital.

3 Jul 2013 - 7:53am

Britain urged to probe currency rate rigging

Pressure is growing in London for officials to undertake tighter oversight of the foreign exchange market. Photo: Bloomberg

Britain should investigate the manipulation of currency rates, European Union officials said, after Bloomberg reported that traders have been rigging foreign exchange benchmarks for more than a decade.

14 Jun 2013 - 3:49am

RBNZ will scale up FX intervention if needed - Wheeler

The Reserve Bank of New Zealand may sell more New Zealand dollars if the currency continues to climb, Governor Graeme Wheeler said on Thursday, adding that such operations would have muted impact given the central bank’s limited firepower.

30 May 2013 - 10:48am

Taiwan curbs bullish bets as local dollar rises

The Taiwan dollar has risen to a five-year high against the yen.

Taiwan's central bank reduced the daily cap on the net US dollar short position that can be held by each bank to US$5 million from US$10 million, according to Spencer Lin, director general of foreign exchange.

24 May 2013 - 3:47am

Stronger yuan, fear of forex losses hurting exporters

Fast yuan appreciation has hurt exporters. Photo: Reuters

Fast yuan appreciation has hurt exporters, the Ministry of Commerce said, adding the country's trade outlook is clouded by uncertainties despite the recent upbeat growth.

17 May 2013 - 6:15am

Slowing down the yuan

Inflows of US$197 billion into the mainland economy have been questioned by economists at financial institutions. Photo: Reuters

Derivatives traders are scaling back bets that the yuan will appreciate, as record capital inflows prompt mainland authorities to investigate possible fraud relating to export data and to require banks to boost their holdings of foreign exchange.

17 May 2013 - 4:06am

Big rally in Asian currencies signals 'sell'

South Korean won's 4.6 per cent rise outpaced all currencies in the period from September 2011 to January 2013. Photo: Bloomberg

The biggest rally in Asian currencies since September is a sell signal to two of the world's largest foreign-exchange trading firms, as the region's economic growth increasingly falls short of forecasts.

9 May 2013 - 4:39am

Yen hits 47-month low vs dollar, focus on 100 threshold

The yen pushed deeper into multi-year lows versus the dollar and euro on Tuesday as the market saw every reason to sell the currency with the Japanese central bank on a warpath to battle deflation.

9 Apr 2013 - 11:41am

Japan cast as villain in global currency war drama

Critics of Japan say the swift depreciation of its currency suggests that it is manipulating its currency, and the issue is likely to be in the forefront of this week’s G20 talks in Moscow. Photo: AFP

Japan is being cast as the villain in a heated currency drama, accused of driving down the yen’s value to shore up its fragile economy, as a statement from financial powers fails to reassure markets ahead of G20 talks.

14 Feb 2013 - 2:14pm

Mainland forex regulator warns of big swings in capital flows

Mainland forex regulator warns of big swings in capital flows

The mainland should be prepared for big swings in speculative capital flows amid global economic uncertainties, the country's foreign exchange regulator said yesterday.

26 Jan 2013 - 2:43am

Beijing to use forex reserves to finance overseas investment deals

Beijing to use forex reserves to finance overseas investment deals

The mainland's regulator of foreign exchange said a new unit would use some of the country's US$3.3 trillion in reserves to support firms expanding abroad.

15 Jan 2013 - 4:15am

Yuan gains tipped to run out of puff next year

A strong gain in the yuan is unlikely next year. Photo: Bloomberg

The yuan is expected to strengthen only slightly next year as appreciation dynamics, including the mainland's export competitiveness, lose steam.

31 Dec 2012 - 4:58am

US dollar hits new 20-month high on easing hopes

The yen weakened against the US dollar on speculation that the incoming government of Japanese prime minister Shinzo Abe will step up pressure on the Bank of Japan to ease policy further. Photo: Bloomberg

The dollar rose past 85.00 yen in early Asian trade on Wednesday on expectations that the Bank of Japan (BoJ) would take more monetary easing steps under pressure from the incoming government. The greenback was at 85.10 yen shortly after 0000 GMT, the first time above 85.00 yen since April 2011 and up from 84.78 yen in Tokyo afternoon trade on Tuesday.

26 Dec 2012 - 9:17am

Mainland trading in yuan now more open

Yuan trading on the mainland has become more transparent as the China Foreign Exchange Trade System (CFETS) makes real-time official data available to investors outside the country for the first time.

The launch of the data service today is the latest step towards the yuan's internationalisation.

29 Nov 2012 - 3:46am