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Taiwan punishes Deutsche Bank, others in currency speculation case
From Reuters
Sunday, February 7, 2021
TAIPEI -- Taiwan's central bank said today it had banned Deutsche Bank from trading Taiwan dollar deliverable and non-deliverable forwards and suspended it for two years from trading forex derivatives as part of a crackdown on speculation.
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The Taiwan dollar is at a more than 23-year-high against the U.S. dollar as the island's trade-dependent economy booms on global demand for its tech products as people work from home.
The central bank has been particularly concerned about a case where it said foreign banks helped grain companies engage in currency speculation through deliverable forwards, affecting the stability of Taiwan's foreign exchange market.
Sources told Reuters on Friday that the central bank had sent letters outlining punishments to Deutsche Bank, Citigroup, ING, and Australia and New Zealand Banking Group (ANZ) for their involvement.
Apart from the punishment for Deutsche Bank's Taipei branch, the central bank said in statement that ING's and ANZ's Taipei offices would not be allowed to trade Taiwan dollar deliverable and non-deliverable forwards for nine months. ...
... For the remainder of the report:
https://www.reuters.com/article/taiwan-forex/update-1-taiwan-punishes-de...
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