Tag: foreign exchange

Asian central banks have intervened in the currency markets and forged regional alliances to maintain their foreign exchange reserves and help exports. Respondents to a poll conducted by FinanceAsia say that China's currency will not appreciate during 2010. Societe Generale announces that Toshiyuki Tomita will spearhead the bank's efforts to build its Japanese foreign exchange business. Growth will come in cross-border payments and supply chain financing, says Werner Steinmueller, Deutsche Bank's head of global transaction banking. Many Indian exporters with large currency hedges booked on the basis the rupee would strengthen were caught unaware by the financial crisis. J.P. Morgan builds on its treasury capabilities in Japan and enhances its US Dollar Clearing Asia Direct solution. A lack of reserve currency alternatives means there won't be a dollar crisis, but the greenback could stay weak throughout 2010 creating profitable trading opportunities. Record volumes in foreign exchange markets are creating investment opportunities that don't exist in other assets. Authorities signal an intention to move towards full renminbi convertibility and a desire for reserve currency status. Asian policymakers have built up protective foreign exchange reserves to ensure history doesn’t repeat itself. Adrian McGowan moves across from Deutsche Bank to become head of FX trading for Asia-Pacific, while Siddiqi and Tonkin take on additional responsibilities in the region. HSBC and Standard Chartered conduct a Rmb100 million three-year fixed rate non-deliverable interest rate swap transaction.