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Press Review: Yuan in Hong Kong Snaps Two-Week Drop
Yuan in Hong Kong Snaps Two-Week Drop on Stock Link, Bond Sale
The yuan in Hong Kong snapped two weeks of decline as investors prepared for the start of an equities link with Shanghai that will allow 23.5 billion yuan ($3.8 billion) of daily cross-border transactions.
The Stock Connect will start on Nov. 17, the same day that Hong Kong is due to scrap a 20,000 yuan per day conversion cap for permanent residents. The Ministry of Finance will sell 12 billion yuan of bonds in the city next week. The People's Bank of China raised the currency's reference rate by a total of 0.33 percent from Nov. 7, the most since the five days ended Sept. 12, to 6.1399 per dollar.
Swiss Demand for Currency Automation Seen Reshaping Trading
Switzerland's decision to mandate automated trading of currency is an unprecedented push by a regulator to limit the scope for market manipulation and may accelerate a trend already reshaping the industry.
Switzerland's Financial Market Supervisory Authority, or Finma, directed UBS AG to use electronic platforms to perform at least 95 percent of its foreign exchange trades after finding that employees conspired to rig currency benchmarks.
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