China’s yuan makes waves on international currency markets

Evidence the yuan is becoming truly global can be found in Rongrong Huo’s passport, which shows the HSBC banker bouncing from Switzerland to South Africa fielding inquiries from a growing number of clients on how they can trade China’s currency. “The market potential is huge,” Huo, who heads HSBC’s yuan business development for Europe, said […]

Continue reading

Swaps Probe Finds Banks Rigged Rate at Expense of Retirees

“U.S. investigators uncovered evidence that banks reaped millions of dollars in trading profits at the expense of companies and pension funds by manipulating a benchmark for interest-rate derivatives. Recorded telephone calls and e-mails reviewed by the Commodity Futures Trading Commission show that traders at Wall Street banks instructed ICAP Plc brokers in Jersey City, New […]

Continue reading