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May 28, 2017

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Hong Kong probes alleged forex manipulation by numerous banks

HONG KONG--Hong Kong's de facto central bank on Tuesday said it was investigating numerous banks for alleged foreign exchange market manipulation, the latest in a series of international probes.

Global regulators are investigating a number of firms linked to the suspected rigging of the foreign exchange market, where trading in the market is valued at US$5.3 trillion a day by the Bank for International Settlements.

"The HKMA is 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 HKMA," a Hong Kong Monetary Authority spokeswoman told AFP.

The authority is also working with "overseas bank supervisors on the matter" and reviews are "in progress", she said, declining to give further detail.

Authorities in the United States, Britain and Switzerland have also opened probes into whether banks manipulated foreign exchange.

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