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April 2, 2014

Hong Kong Banking Regulator Opens Inquiry Into Currency Manipulation

“The global investigation into currency market manipulation spread to another major market on Tuesday, with Hong Kong’s banking regulator saying it had opened an inquiry into several banks.

“The Hong Kong Monetary Authority, which oversees banks and other financial institutions in the Asian financial hub, said in an emailed statement that it was “investigating a number of banks in Hong Kong by requiring them to conduct independent reviews of their FX operations and submit the results to the H.K.M.A.” FX is an abbreviation for foreign exchange.

“The reviews are in progress,” the regulator said. It is “also liaising with relevant overseas bank supervisors on the matter,” it added.

“Hong Kong joins the authorities in the United States, Europe and other jurisdictions that are trying to determine whether traders at some of the world’s biggest banks conspired to manipulate exchange rates in global currency markets.”

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Read full NY Times article here.

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