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4 foreign banks punished by central bank for forex speculation
02/08/2021 04:51 PM
CNA file photo
Taipei, Feb. 8 (CNA) Four foreign banks have been punished by Taiwan s central bank for helping companies speculate in the foreign exchange market as the Taiwan dollar was moving higher against the U.S. dollar, sparking an outcry among exporters.
In a statement Sunday, the central bank said it punished the four banks on Feb. 5 after finding through a bank exam in January that they helped grain companies engage with currency speculation through the trading of deliverable forwards.
Of the four Deutsche Bank, ING Bank, Citibank, and the Australia and New Zealand Banking Group (ANZ) the German bank faced the biggest penalty.
Selective Criteria: Who’s A “Currency Manipulator”?
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Taiwan, Thailand, Vietnam, and Switzerland all meet the U.S. government s criteria for being currency manipulators yet only two of those countries were officially labelled as such.
January 07, 2021
When the US Treasury Department declared Switzerland a “currency manipulator” last month, it raised some eyebrows. American officials rarely make such accusations publicly, and Switzerland, after all, is not an emerging economy looking for an edge in trade. Au contraire, the Swiss franc is one of the world’s safe-haven currencies. So, what’s going on?
“Currency manipulator” is a rare designation; Treasury has officially applied it only twice in the past 25 years: to China in 1994 and again in 2019. To earn the it, a country must meet three criteria, according to Treasury’s Foreign Exchange Report: 1) a trade surplus with the US that exceeds $20 billion over a 12-month period (Switzerland’s surplus
Monday, January 11, 2021
Most of you already know Section 301 of the Trade Act of 1974 because of the Trump Administration’s massive China tariffs under Section 301.
[1] Now it’s time to get acquainted with a separate process that may result in tariffs on Vietnamese products too. Section 301 authorizes the Office of the United States Trade Representative (“USTR”) to investigate certain foreign trade practices.
[2] USTR has initiated a probe into Vietnam’s currency practices, which could lead to tariffs on Vietnamese products, similar to the China tariffs. The Biden transition team has not indicated whether it will follow through with the investigation.
Background: Investigation of Vietnam’s Currency Valuation Practices
Taiwan dollar soars 5.6% against greenback in 2020
01/01/2021 08:32 PM
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Taipei, Jan. 1 (CNA) The Taiwan dollar surged about 5.6 percent against the U.S. dollar in 2020 as foreign investors kept moving funds into the region as major central banks around the world pumped large funds into the market to fend off the economic impact caused by the COVID-19 pandemic, dealers said Friday.
The local central bank stepped into the market often to prop up the U.S. dollar and slow the appreciation of the Taiwan dollar in recent sessions, the dealers said, adding that otherwise, the local currency would have jumped further.