China Forex Reserves in Record Fall as Beijing Tries to Calm Markets – Reuters China’s foreign exchange reserves posted their biggest monthly fall on record in August, reflecting Beijing’s attempts to halt a slide in the yuan and stabilize financial markets following its surprise move to devalue the currency last month.
China’s Stock-Rescue Tab Surges to $236 Billion, Goldman Says – Bloomberg China’s government has spent 1.5 trillion yuan ($236 billion) trying to shore up its stock market since a rout began three months ago, according to Goldman Sachs Group Inc.
Structured-Note Ban in FSB Bank-Crisis Rule Has ‘Strong’ Backing – Bloomberg The Financial Stability Board plans to retain a ban on structured notes in new rules intended to keep taxpayers off the hook when the world’s biggest banks fail, disregarding industry opposition.
Rate Worries Pose Obstacle for Banks – Wall Street Journal (subscription) Market tumult has taken a hefty toll on bank shares, investments expected to benefit from rising interest rates.
Former Citi FX Trader set to Challenge Dismissal in London Court – Reuters A former Citigroup foreign exchange trader is to challenge his dismissal at a London court on Tuesday, potentially the first of many such cases in the wake of the currency market rigging scandal.