Article: UPDATE 2-China’s yuan pulls back after officials warn against speculation

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UPDATE 2-China’s yuan pulls back after officials warn against speculation

Winni Zhou, Samuel Shen and Andrew Galbraith, 31 May 2021

SHANGHAI, May 31 (Reuters) – The yuan hit a three-year high against the dollar on Monday before falling back following a chorus of warnings from Chinese officials against speculative bets on the currency.

A former senior official at the foreign exchange regulator joined a slew of current and former officials on Monday cautioning against one way bets on the yuan, which has seen a two-month long rally against the dollar. In a commentary in the official China Securities Journal, Guan Tao warned against herd behaviour that could harm market order and weigh on China’s exporters. Continue reading “Article: UPDATE 2-China’s yuan pulls back after officials warn against speculation”

Article: How to Explain the Number of Financial Crimes on Wall Street

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How to Explain the Number of Financial Crimes on Wall Street

Robert Lenzner, 17 June 2021

I ask everyone how to explain the stunning number of financial crimes we have witnessed the last several years and never get an adequate clear answer. The reason: it’s not easy to grasp why Bank of America , Citigroup , BNP-Paribas, UBS , Credit Suisse, JP Morgan Chase and a bevy of giant hedge funds are sweating their way through the demand for fines in the tens of billions or potential jail sentences as long as decades.

One reason it’s hard is that prosecution of the crimes comes so many years later than the crimes themselves. It’s hard to contemplate so many banks of marketing garbage mortgages, or laundering money for Iran, Sudan, and other rogue nations or radical groups, or secret bank accounts in Switzerland. The cops on the beat take much more time to act than the actual crimes took. Continue reading “Article: How to Explain the Number of Financial Crimes on Wall Street”