China Changes CFETS Currency Basket for Calculating Yuan Index
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China Changes CFETS Currency Basket for Calculating Yuan Index – Reuters
China will change the way it calculates a key yuan index in the new year, nearly doubling the number of foreign currencies in a basket that is used to set the yuan’s value, its foreign exchange market operator said. Read More
No Happy New Year in China as Currency, Liquidity Fears Loom
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No Happy New Year in China as Currency, Liquidity Fears Loom – Bloomberg
The first day of 2017 is when an annual $50,000 quota to convert the yuan into foreign exchange resets, stoking concern there will be a rush to sell the local currency. Read More
Malaysia’s Central Bank Takes Action Against Firm Over Ringgit Trade
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Malaysia’s Central Bank Takes Action Against Firm Over Ringgit Trade – Reuters
Bank Negara Malaysia said it was taking action against an unnamed financial institution for failing to promptly notify the central bank of its dealers’ misconduct involving the fixing of the dollar-ringgit exchange rate. Read More
Asia FX Wobbly; Singapore Dollar Firmer on Suspected Intervention
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Asia FX Wobbly; Singapore Dollar Firmer on Suspected Intervention – Reuters
The Singapore dollar edged higher after suspected central bank intervention, though Asian currencies looked wobbly and remained vulnerable amid expectations the US Federal Reserve will pick up the pace of interest rate rises in 2017. Read More
FXPA Finishes Busy 2016, Prepares for 2017
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FXPA Finishes Busy 2016, Prepares for 2017 – FXPA
The Foreign Exchange Professionals Association (FXPA) is finishing 2016 with a lot of work in progress and, as evidenced by recent requests for its insights, has further established its reputation as a trusted resource for policymakers. Launched in September 2014, FXPA welcomed six new members to the FX trade association during 2016, bringing the diverse organization’s membership up to 25 banks, buy side firms, trading platforms, clearinghouses, exchanges and technology companies.
FXPA Finishes Busy 2016, Prepares for 2017
The Foreign Exchange Professionals Association (FXPA) is finishing 2016 with a lot of work in progress and, as evidenced by recent requests for its insights, has further established its reputation as a trusted resource for policymakers.
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Australian Banks Sanctioned by Regulator Over FX Conduct
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Australian Banks Sanctioned by Regulator Over FX Conduct – Bloomberg
Two of Australia’s largest banks vowed to toughen oversight of their foreign-exchange practices and each pay A$2.5 million ($1.8 million) to the nation’s financial literacy fund after a regulator found inappropriate conduct in their currency trading divisions.
Dollar Climbs as Attacks Subdue Euro, BOJ Saps Yen
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Dollar Climbs as Attacks Subdue Euro, BOJ Saps Yen – Reuters
The dollar climbed back towards a 14-year high as the yen fell after the Bank of Japan held policy steady and fallout from attacks in Germany and Turkey subdued the euro.
London FX Volume Falls 12 Percent to $2.41 Trillion a Day Average
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London FX Volume Falls 12 Percent to $2.41 Trillion a Day Average – Reuters
Foreign exchange trading out of London has fallen 12 percent over the last three years to an average $2.41 trillion (2 trillion pounds) a day, driven by a fall in spot market and hedge fund activity, the Bank of England said.
PBoC Sets Renminbi Fix Above 6.95 for First time in Over Eight Years
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The People’s Bank of China set the trading band for the renminbi against the dollar weaker again as the US currency continued to strengthen in the wake of the Federal Reserve’s rate rise.