Taiwan's central bank is investigating the actions of five foreign banks for their involvement in some $8 billion in net trading positions on the deliverable forwards market, four sources with knowledge of the situation told Reuters.
FILE PHOTO: A man is seen reflected next of the Taiwan's Central Bank logo in Taipei, Taiwan March 24, 2016. REUTERS/Tyrone Siu
The central bank on Tuesday met the banks to discuss the situation with them, the sources said, speaking on condition of anonymity as they were not authorised to speak to the media. The sources declined to identify the banks or the grains firms. The central bank did not respond to a request for comment.
The sources said the size of the trades could have an impact on the Taiwan dollar exchange rate at a time when the central bank is already worried about the local currency’s strength.
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