Taiwan cracks down on currency speculators
TAIPEI: Taiwan's Central Bank identified two foreign banks involved in coordinated attacks on the New Taiwan Dollar through the dumping of large quantities of hot money in t he nation's f oreign exchange market. The government-run bank has requested that the Financial Supervisory Commission further investigate this latest forex manipulation. Financial sector insiders have little doubt, however, that Wall Street currency speculator George Soros is behind the attacks, shielding his identity by acting through Citibank and other institutions.
Financial analysts said the central bank held two days of talks with Citibank and met Dec. 29 with executives of another f oreign exchange bank with the aim of unders t anding t he companies' unusual strategies.
In a news statement issued on the eve of the Dec. 30 meeting of its board of directors, the central bank said a small number of authorized foreign exchange banks had targeted specific times of the day to dump large quantities of foreign currency. -PB News