| Stiffer Penalty For Illegal Forex Trading: Ng Yen Yen | | Posted Sunday, February 04, 2007 2:53:19 PM by Blog57 Team | | KUALA LUMPUR, Feb 1 (Bernama) -- The government has imposed stiffer punishments to curb illegal forex trading by increasing the amount of penalty from RM10,000 to RM1 million and a jail sentence of between three to five years, said Deputy Finance Minister Datuk Dr Ng Yen Yen. She said the government had amended the Foreign Exchange Act (1953) to provide stiffer sentences for those involved in illegal forex trading. The amendment took effect on Jan 1 this year. "Last year, five illegal forex traders had been caught and now the Bank Negara is investigating 10 cases," she told reporters after launching the Sports Toto Chinese New Year Ang Pow Donation campaign here today. Dr Ng said the Ministry of Finance had received many complaints from those had been cheated by the so-called "forex agents" who offered forex investment schemes such as those on Iraq and Iranian currencies.... | |
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| | | China end-Nov forex reserves at $1.04 tln - PBOC | | Posted Saturday, January 13, 2007 12:57:56 PM by Blog57 Team | | BEIJING (Reuters) - China's foreign exchange reserves hit $1.0387 trillion at the end of November, according to a paper by two researchers at the People's Bank of China that warned of difficulty managing further capital flows into the country. China's trade surplus will remain huge in 2007 but its growth could slow, the deputy head of PBOC's research department, Jiao Jinpu, and Liu Xiangyun, of the department's monetary policy division, said in the paper. "The continous depreciation of the U.S. dollar in recent times may trigger massive foreign investments into China, which means the central bank will continue to face difficulty in controlling liquidity in 2007," Jiao and Liu said in the paper, presented to a conference on China's capital markets. Inflation may pick up in 2007 due to price increases in food and grains prices, the paper said, without elaborating.... | |
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| | | India's forex reserves up by USD 714 million | | Posted Saturday, December 30, 2006 2:55:25 PM by Blog57 Team | | India's forex reserves went up by USD 714 million to stand at USD 176.233 billion during the week which ended on December 22 as against USD 175.519 billion during the week which ended on December 15. The reserves were up down by USD 75 million during the preceeding week which ended on December 15, compared to a week ago period. The Foreign Currency Assets also increased by USD 712 million to USD 169.191 billion during the seven-day period which ended on December 22, 2006, according to figures released by the Reserve Bank of India (RBI) Foreign currency assets in dollars include the effect of revaluation of non-US currencies such as Euro, Sterling, Yen held in reserves. The reserve position in the IMF also went down by two million to stand at USD 547 million.... | |
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| | | G20 upbeat on prospects, tensions emerge on forex | | Posted Sunday, November 19, 2006 12:54:53 PM by Blog57 Team | | MELBOURNE: Financial leaders from top developed and emerging economies expressed confidence in growth prospects yesterday, but tensions emerged over foreign exchange rates and nagging trade imbalances. Finance ministers and central bank governors from the Group of 20 (G20) met to tackle a range of economic flashpoints, from stalled trade talks to oil prices to China's yuan. Australian Treasurer Peter Costello, whose country is hosting the event, said ministers were optimistic as the US, Europe and Japan were all expanding. "There was an agreement that the prospects for the global economy are very strong," Costello told reporters after a break in the first day's sessions. The head of the International Monetary Fund, Rodrigo Rato, said healthy global growth was on track although he pointed to the need for continued vigilance on inflation.... | |
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| | | (AFX UK Focus) 2006-11-13 17:50 GMT: Forex - Dollar drifts higher but economic data calendar eyed | | Posted Monday, November 13, 2006 10:56:45 PM by Blog57 Team | | LONDON (AFX) - The dollar continued to drift higher ahead of a data laden week as fears that Asian central banks will swap dollars for other reserve currencies receded slightly. "Last week's concerns over Chinese reserve diversification are a thing of the past after repeated protestations to the contrary from the PBoC's Zhou on Friday which continue to reverberate today," said Jamie Coleman at Thomson Ifr Markets. He was referring to comments from Chinese central bank governor Zhou Xiaochuan. Rumours that China is planning to diversify its currency reserves away from the dollar weighed heavily on the dollar last week. But while the dollar was supported today, it faces a lot of hurdles this week. "We suspect that key retail sales, housing market, and manufacturing sentiment data this week will support perceptions that the US economy is slowing, and price data should continue to paint a benign picture of inflation," said Daniel Katzive at UBS.... | |
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| | | FOREX-Dollar slides to 2-1/2-mo low vs euro, China weighs | | Posted Saturday, November 11, 2006 7:03:56 PM by Blog57 Team | | NEW YORK, Nov 10 (Reuters) - The dollar weakened on Friday, hitting a 2-1/2-month low against the euro and an 18-month trough versus sterling, weighed down by concerns that China planned to diversify its estimated $1 trillion in foreign exchange reserves. People's Bank of China Governor Zhou Xiaochuan roiled the markets for a second straight session, saying in Frankfurt on Friday that China sought to diversify its assets across different currencies and investments, including emerging markets. Analysts noted that China has indicated such plans before, but the news rekindled worries that any diversification by China away from the dollar, which analysts reckon makes up around 70 percent of its reserves, could hurt the greenback. "This (sell-off in the dollar) is a continuation overnight with the news on China and the potential for a diversification of reserves," said Steven Butler, director of foreign exchange trading at Scotia Capital in Toronto.... | |
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| | | FOREX-Dollar rises after narrower trade gap data | | Posted Thursday, November 09, 2006 7:09:18 PM by Blog57 Team | | NEW YORK, Nov 9 (Reuters) - The dollar extended gains against the yen and pared its losses against the euro on Thursday after data showed the U.S. trade deficit narrowed by more than expected in September. The euro slipped to around $1.2780 after the data, which showed that the U.S. trade deficit stood at $64.30 billion in September, narrower than forecasts for a deficit of $66 billion. The euro was trading at around $1.2795 before the announcement. The dollar also rose against the yen, climbing to 118.25 yen from around 118.10 yen. .... | |
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| | | FOREX-Dollar falls vs yen ahead of US elections | | Posted Tuesday, November 07, 2006 11:08:16 AM by Blog57 Team | | TOKYO, Nov 7 (Reuters) - The dollar slipped against the yen on Tuesday ahead of U.S. congressional elections as some investors booked profits on gains made on expectations the Federal Reserve will not lower interest rates soon. The U.S. currency also came under pressure after San Francisco Fed President Janet Yellen said late on Monday that some countries with excess savings may consider investing less of their funds in dollar-denominated assets at some point. "Yellen's comments seemed to have provided a catalyst for dollar selling," said Tohru Sasaki, chief forex strategist at JPMorgan Chase in Tokyo. "But the reaction was rather temporary and more due to profit-taking." The losses were stymied after Cleveland Fed President Sandra Pianalto warned that another rate rise might even be warranted if inflation failed to fall fast enough, traders said.... | |
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| | | FOREX: Ringgit To Strengthen Against US Dollar Next Week | | Posted Saturday, November 04, 2006 1:06:38 PM by Blog57 Team | | KUALA LUMPUR, Nov 4 (Bernama) -- The ringgit will likely gain further against the US dollar next week on commercial demand, supported by the positive outlook of the Malaysian economy and Bursa Malaysia, dealers said. "The ringgit was boosted by the substantial level of foreign funds' participation in the local bourse on Friday which saw the Composite Index briefly touching the 1,000 mark," said a dealer. On Friday, the KLCI hit an intra-day high of 1,000.06 but closed at 998.02 points. Dealers expect Bursa Malaysia to climb higher next week, temporarily testing the 1,000 mark before profit-taking set in again. The local unit's performance this week was also in line with the regional currencies' movement which strengthened versus the greenback. On Friday, the Taiwan dollar appreciated to a five-week high against the US dollar to 32.86 per US dollar, the Philippine peso rose to a new four-and- a-half year high of 49.67 per US dollar.... | |
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| | | CBN Declares Local Transaction in Forex Illegal | | Posted Friday, November 03, 2006 7:09:26 AM by Blog57 Team | | The Central Bank of Nigeria (CBN) yesterday read the riot act to hoteliers, schools, landlords and other corporate entities and individuals that price and sell goods and services in Nigeria in foreign currencies. It said the Federal Government would prosecute anybody found wanting in this regard for violating the Nigerian foreign exchange laws. CBN Governor, Prof. Charles Soludo who made this known yesterday in Lagos during an interactive session with newsmen, declared that it is illegal to price local transactions in any foreign currency besides the naira. It is illegal for malls, plazas, shop owners, schools, hotels and landlords, among others to charge and collect dollar or any other currency apart from the Nigerian naira. If we see any of such transactions, we will charge the culprits for violating the foreign exchange market laws.... | |
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