Over the past few days, a small number of authorized foreign exchange banks have targeted specific times of the day to sell off large quantities of foreign exchange, inciting panic and disorder in the foreign exchange market...
PRESS RELEASE Release Date: December 29, 2010
Over the past few days, a small number of authorized foreign exchange banks have targeted specific times of the day to sell off large quantities of foreign exchange, inciting panic and disorder in the foreign exchange market. Our inquiry has revealed that the funding for these transactions originates exclusively from the inward remittance made by certain foreign investors. We met with the heads of two authorized foreign exchange banks earlier today to look into the reasons behind this unusual trading strategy and asked the authorities concerned to probe into the final beneficiaries behind these foreign investors.