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Taiwan central bank to punish four banks over grain arbitrage case

January 21, 2021 at 03:54 am

TAIPEI (Reuters) - Taiwan's central bank said on Thursday it would punish four banks for their involvement in breaking rules to help grains firms trade in the deliverable forwards foreign exchange market.

The bank said that, starting from July 2019, eight grain trading companies ostensibly carrying out routine currency transactions for their business had in fact engaged in currency speculation, and as a result affected the stability of Taiwan's foreign exchange market.

(Reporting by Liang-sa Loh and Yimou Lee; Writing by Ben Blanchard; Editing by Kevin Liffey)

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