currency exchange

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As Currency Falls, Venezuela Wages War on ...

Government turns to censorship to stop flight to dollar

(Newser) - The bolivar is in freefall. Panicked Venezuelans are rushing to buy dollars before their savings become worthless, which is only exacerbating the trend. Faced with this crisis, Nicolas Maduro's government has stepped up … and blocked The popular link-shortening service has become collateral damage in the government'... More »

Banks Rein in Rogue Traders —By Banning Chat Rooms

Allegedly used for collusion, 'crude banter'

(Newser) - A host of big banks are considering restricting their traders' use of chat rooms, or in some cases blocking them outright, as regulators zero in on them as potential hotbeds of collusion and insider trading, sources tell the Wall Street Journal and Financial Times . Traders around the world have for... More »

'Banks Around the World' Probed in Currency Scheme

Swiss regulators looking into alleged plot to rig Forex

(Newser) - Is this the next Libor? Switzerland's top market regulator has announced a sweeping investigation into an alleged conspiracy to rig benchmark currency exchange rates, the Wall Street Journal reports. The regulator, Finma, says it's investigating "several" Swiss firms, but is also "coordinating closely with authorities in... More »

Guess Who Manipulates Currency More Than China

Matthew Boesler points out that Israel won't draw flack from either campaign

(Newser) - Mitt Romney has loudly promised to label China a "currency manipulator" on his first day in office, but China's hardly alone in keeping its money cheap to goose exports. Another country has done so even more egregiously, and you won't hear either candidate criticize it: Israel, Matthew... More »

Japan, China Cut Currency Deal, Shun Dollar

Leaders also discuss North Korea

(Newser) - Japanese Prime Minister Yoshihiko Noda met with Chinese President Hu Jintao in Beijing today, and emerged with a number of deals—including one that will marginalize the US dollar in Asia. The countries agreed to promote direct yuan-yen trades, the Wall Street Journal reports; until now, the money has usually... More »

Euro Dives Below $1.30

Italian bond sale drives price south

(Newser) - The euro has dropped below the $1.30 mark for the first time since January, after a less-than-ideal Italian bond offering stoked fears over the Europe's ongoing debt woes. The currency at times sagged as low as $1.2994 in European trading, after swinging between $1.2989 and $1.... More »

Dollar Nears 3-Year Low

Set for biggest weekly plunge since January

(Newser) - The dollar’s value today remained near its lowest in three years against multiple currencies, and it’s set for its largest weekly drop since January, Reuters reports. The figures follow the Federal Reserve’s suggestion that it had no immediate plans to tighten its monetary policy, prompting a big... More »

Hu Faces a Chill on Capitol Hill

You might say lawmakers are a bit unhappy with China

(Newser) - Last night’s state dinner was fun and all, but now Chinese President Hu Jintao will have to face the music. He hits Capitol Hill today, where lawmakers have been griping about him—specifically, about his country’s economic policies and human rights violations. Sen. Harry Reid called Hu... More »

Traders Go Nuts for Newly Available Yuan

Price won't appreciate much, but currency is flowing

(Newser) - Currency traders are going wild over their latest toy: China’s yuan. In the few months since Beijing allowed its currency to be bought and sold outside the mainland, daily trading has shot from zero to $400 million, the Wall Street Journal reports. Though China still maintains strict control over... More »

Let's Can the G20 Summit and Just Email Each Other

No one has any solutions to our mercantile imbalances

(Newser) - Here’s the electrifying agreement the G20 reached in Seoul: They vowed to create guidelines for rectifying trade imbalances—by the next G20 meeting. “Thank you, Baby Jesus, for this smoking hot procrastination,” writes Tunku Varadarajan in the Daily Beast . Basically, it was the same old story: China... More »

China Drops US Credit Rating Ahead of G20

Obama faces a world divided, peeved by Fed moves

(Newser) - China’s top state-endorsed rating agency dropped the United States’ credit rating yesterday, warning that recent Fed moves, along with “serious defects in the United States' economic development and management model” were “fundamentally lowering the national solvency.” The report probably won’t have much impact on our... More »

G20 Nations Brush Off Goals by Geithner

He's proposing better guidelines on currency rates, deficits

(Newser) - G20 officials aren’t likely to accept US proposals to better monitor exchange rates along with trade deficits and surpluses, an insider tells Reuters . Timothy Geithner had hoped to set numerical targets for surpluses and deficits as well as "norms" on currency rate policy. "Right now, there is... More »

Japan Jumps Into Currency Market to Weaken Yen

Investors cheer, but analysts worry

(Newser) - Japan has taken the extraordinary step of intervening in the currency market in an effort to drag down the soaring yen. Japanese monetary authorities bought dollars and sold trillions of yen, driving the yen down from 84.5 yen to the dollar to 82, the New York Times reports. Their... More »

China to Let Currency Rise

But it'll also be able to fall, to deter speculators

(Newser) - China plans to revise its currency policies within a few days, producing an instant rise in the yuan against the dollar, and allowing greater fluctuation in the future, sources tell the New York Times . China’s Commerce Ministry has vigorously opposed such a move, but it appears to have lost... More »

Count the US Dollar Down, But Not Out

Fears of a looming currency crash are overblown

(Newser) - With the US economy in a prolonged slump and the Fed likely to keep interest rates low for the foreseeable future, many worry that a dollar crash will be the next shoe to drop. Currency pessimists can point to a 6-month decline in the dollar; this week the currency hit... More »

California Says Bank Fleeced Pension Funds

State seeks $200M from State Street Bank of Boston

(Newser) - California sued a Boston bank today and accused it of ripping off $56.6 million from two state pension funds. It wants all that money back, plus another $150 million in penalties. Attorney General Jerry Brown accused State Street Bank of "unconscionable fraud" and called it "just the... More »

Dollar Headed for Biggest Gains Since '81: Bankers

Greenback set for 17.1% gain against euro

(Newser) - The dollar is poised for its biggest advances in 28 years, according to Deutsche Bank, which predicts a 17.1% gain against the euro by the end of the year. Other banks polled by Bloomberg are similarly bullish about the greenback, which has just endured its worst quarter since 2002.... More »

Forget Dollars, Make Your Own Currency

'Complimentary' monetary systems next big thing, futurist says

(Newser) - Futurist Douglas Rushkoff is trying to talk Craig Newmark into creating “craigbucks,” a specialized currency for trading goods on Craigslist. Rushkoff, who notably predicted the rise of social media, thinks do-it-yourself “complimentary currency” is the future of money, Portfolio reports. Complimentary currencies typically spring up and thrive... More »

Russia Loses Half of Its Billionaires

Market woes, weak ruble have chipped away at fortunes

(Newser) - The 10 wealthiest Russians have lost two-thirds of their fortunes in the past year, AP reports, based on the magazine Finans' annual list of billionaires. The ranks of billionaires have been cut in half, from 101 to just 49. Last year's richest Russian, Oleg Deripaska, has fallen to eighth on... More »

Japan, Help Us Wrestle the World's Problems

(Newser) - Japan's economic collapse in the 1990s and its decades of US dependence have left the nation rather timid, Christian Caryl writes in Newsweek. But its strong economy, bold environmental moves, and likely change of government this year will leave it poised to help the world. “The only trick now,... More »

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