Microsoft Joins FXPA The Foreign Exchange Professionals Association (FXPA) is pleased to announce the addition of Microsoft as the newest Advisory Member of the FX trade group. “We look forward to serving as an Advisory Member, helping shape dialogue with a broad spectrum of stakeholders in the industry to maintain a strong FX market,” says Tahreem Kampton, Senior Director, Microsoft.
Hong Kong Dollar Forwards Sink to Weakest Since ’99 on Peg Bets – Bloomberg Hong Kong dollar forwards sank to their weakest level this century, interbank loan rates jumped the most in seven years and the Hang Seng Index tumbled as China’s market turmoil fueled speculation the city’s 32-year-old currency peg will end.
Hedge Fund That Called Subprime Crisis Urges 50% Yuan Drop – Bloomberg Mark Hart, the hedge fund manager whose bets against U.S. subprime mortgages and European sovereign debt proved prescient, said China should weaken its currency by more than 50 percent this year.
The Weak Spot in China’s $3.3 Trillion Foreign Reserve Stockpile – Bloomberg By almost all measures, China’s $3.3 trillion foreign reserves, the world’s largest, look formidable. Except one. Compared with the amount of yuan sloshing around in the economy, a proxy for potential capital outflows, China’s firepower seems limited.
European Experiment Comes to a Reckoning – Wall Street Journal (subscription) Stagnating growth and multiple crises show member countries’ self-interest trumps the cohesion of the union.