HSBC in $100 million forex fraud settlement

British financial giant HSBC has agreed to pay more than $100 million to US authorities after admitting to defrauding clients during multi-billion-dollar foreign exchange transactions, the Justice Department announced Thursday. The settlement follows an indictment handed down Wednesday against a former Barclays trader similarly accused of defrauding the former California computing giant Hewlett-Packard by manipulating foreign… Please follow and like us:

Read More

China denies report it could halt US bond purchases

China denied on Thursday a report that it may slow or cease its purchases of US Treasury bonds, calling it a possible case of “fake news” after the dollar tumbled following the story. Bloomberg News reported Wednesday that officials reviewing China’s foreign-exchange holdings had recommended slowing or halting purchases of US Treasuries, citing people familiar with… Please follow and like us:

Read More

Pakistan Examines Chinese Proposal to Replace Dollar with Yuan

Officials in Pakistan say a Chinese proposal to replace the U.S. dollar with yuan for bilateral trade is under consideration. Beijing has already committed to investing around $60 billion in the country by 2030 under a long-term plan of development cooperation with Islamabad, known as the China Pakistan Economic Corridor, or CPEC. Bilateral trade between the… Please follow and like us:

Read More

China raises yuan rate to 16-month high as dollar sags

China raises yuan rate to 16-month high as dollar sags China raised the exchange rate for the yuan against the US dollar for the 10th consecutive session on Friday, pushing the unit to its highest level in 16 months. The People’s Bank of China (PBOC) set the value of the yuan — also known as the renminbi — at 6.5032 to the dollar, up 0.36 percent… Please follow and like us:

Read More

Forex reserves up again, top $3 trillion

Rise comes on back of balance in supply and weak green back The Chinese mainland’s foreign exchange reserves rose in June for a fifth straight month, as tightened supervision of outbound investment and a weak dollar helped curb capital outflows. The nation’s foreign exchange stockpile climbed to $3.056 trillion in June, up by around 0.11 percent… Please follow and like us:

Read More

Bank: Stable yuan a boost to reserves

Rise in values of global currencies means balance nears $3.03 trillion Forex reserves stood above $3 trillion for the third consecutive month in April, thanks to stabilizing expectations for the yuan’s exchange rate, according to the nation’s top currency regulator. Foreign exchange reserves stood near $3.03 trillion in March, up from about $3.01 trillion in the… Please follow and like us:

Read More