30th Dec 2015 08:43
LONDON (Alliance News) - China's central bank has suspended at least three foreign banks from conducting some foreign exchange business until the end of March, Reuters reported Wednesday citing three sources who have seen the suspension notices.
The sources, who were speaking on condition that the banks were not named, told Reuters the notices sent to the affected foreign banks by the People's Bank of China gave no reason for the suspension.
They said the banks might have been targeted due to the large scale of their cross-border forex businesses.
Included among the suspended services are liquidation of spot positions for clients and some other services related to cross-border, onshore and offshore businesses, the sources said.
http://www.reuters.com/article/2015/12/30/us-china-currency-banks-idUSKBN0UD08D20151230
In London early Wednesday, Asian-focused banks Standard Chartered and HSBC Holdings were amongst the worst performers in the FTSE 100. Standard Chartered traded down 2.1% and HSBC was down 1.8%.
By Neil Thakrar; [email protected]; @NeilThakrar1
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