Foreign Exchange News Results

  • China's Commercial Banks Bought $14.8 Billion of Forex in April

    BEIJING--China's commercial banks purchased a net $14.8 billion worth of foreign exchange in April, down from a net purchase of $18.6 billion in March, official data showed Friday. The State Administration of Foreign Exchange said Chinese banks purchased a net $53.9 billion worth of forex in the first four months of the year. Wang Chunying, a spokeswoman with SAFE, said in a statement that demand and supply of the forex market are largely balanced, and the scale of capital inflow...

  • Turkey Strains to Ward Off Currency Crisis -- Update

    ISTANBUL-- Months before the new coronavirus hit, Turkey was straining to stave off a currency crisis, burning through billions of dollars of foreign-exchange reserves to prop up the Turkish lira. Now, the pandemic threatens to push Turkey into a full-blown balance-of-payments crisis, leaving President Recep Tayyip Erdogan facing one of the biggest challenges in his 18- year rule. At home, the outbreak has triggered soaring unemployment and threatened to unleash runaway...

  • Turkey Strains to Ward Off Currency Crisis as Pandemic Weighs on Economy

    ISTANBUL-- Months before the coronavirus hit, Turkey was straining to stave off a currency crisis, burning through billions of dollars of foreign-exchange reserves to prop up the Turkish lira. Now, the pandemic threatens to push Turkey into a full-blown balance-of-payments crisis, leaving President Recep Tayyip Erdogan facing one of the biggest challenges in his 18- year rule. At home, the outbreak has triggered soaring unemployment and runaway inflation.

  • Covid's Economic Fallout Puts Euro to the Test

    Europe's response to the economic turmoil brought about by the global coronavirus shutdown is rekindling debate about the European Union's financial unity. The euro has dropped 3.5% this year to $1.08, near its lowest level against the U.S. dollar since May 2017. The currency could lose another 5% by year-end, according to forecasts from Bank of America. That marks a sharp turnaround for a currency that posted its calmest year on record in 2019, when it slid 1.8%.

  • Turkey Blocks Foreign Banks in Attempt to Stem Currency Slide

    By Avantika Chilkoti and Caitlin Ostroff. Turkey blocked three international banks from trading its currency Thursday, an effort to stymie investors who are betting that the country's weak financial standing will continue to deteriorate. Turkey's banking regulator said units of Citigroup Inc. (C), BNP Paribas SA (BNPQF) and UBS Group AG (UBS) can no longer process transactions involving Turkish lira.

  • China's Foreign-Exchange Reserves Rose in April

    BEIJING--China's foreign-exchange reserves unexpectedly rose in April as stimulus policies world-wide boosted asset prices in major economies amid the coronavirus pandemic, following March's fall which was the largest monthly drop in more than three years. The country's hoard of foreign exchange increased by $30.83 billion to $3.091 trillion at the end of April, according to data released by the People's Bank of China on Thursday. Economists polled by The Wall Street...

  • Emerging Market Currencies Slide on U.S.-China Worries

    Currencies for emerging markets slid against the dollar Friday, under pressure from economic implications of coronavirus lockdowns and concerns of fresh tensions between the U.S. and China. China's offshore yuan fell 0.7%. The Mexican peso and the South African rand, two of the most liquid emerging market currencies, fell 1.1% and 1.4%, respectively.

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