(Photo: File)Taiwan’s central bank said on Sunday it had banned Deutsche Bank from trading Taiwan dollar deliverable and non-deliverable forwards andsuspended it for two years from trading forex derivatives as part of a crackdown on speculation. 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 Inc, ING and Australia and New Zealand Banking Group Ltd (ANZ) for their involvement. Citi’s Taipei office would be suspended from trading Taiwan dollar deliverable forwards for two months, it added. The central bank announced its probe into the case last month, which it said involved eight grain-trading companies.

Source: Indian Express February 08, 2021 03:56 UTC