“This is part of the PBOC’s expedient means to stabilize the yuan’s exchange rate,” said an executive at a foreign bank contacted separately.
In common with forex markets worldwide, there are no official data on which banks are the most active in trading foreign exchange in China.
The sources, speaking on condition that the banks were not named, said the notices sent to the affected foreign banks by the People’s Bank of China (PBOC) gave no reason for the suspension. The Hong Kong-traded offshore yuan hit an intraday low of 6.5965 on Wednesday morning, its weakest since late September 2011.
The sources said the banks might have been targeted due to the large scale of their cross-border forex businesses.
Standard Chartered and DBS, which also conduct trading in foreign exchange in China, did not respond to requests for comment.
The spread between the onshore and offshore markets for the yuan, or renminbi, has been growing since the devaluation, making it increasingly difficult for the central bank to manage its currency and stem an outflow of capital from an economy that is facing its slowest growth in 25 years.. “But I don’t think the authorities will take very strong capital control measures, they are likely to reinforce the existing measures.”
The latest move comes just three months after the PBOC ordered banks to closely scrutinize clients’ foreign exchange transactions to prevent illicit cross-border currency arbitrage between the offshore and onshore yuan.
The PBOC did not immediately respond to a request for comment.
The move could also ease pressure on the PBOC for direct intervention in offshore markets to support the yuan, which has contributed to a fall of more than $400 billion in China’s foreign exchange reserves this year.
The sources told Reuters that authorities had warned the banks that if they engaged in lucrative carry trade, taking advantage of the different exchange rates, the central bank would move to further block arbitrage channels.
The yuan has come under renewed pressure since late November amid speculation that Beijing would permit more depreciation after the International Monetary Fund announced the currency’s admission into the fund’s basket of reserve currencies.
A 2015 Asiamoney survey asking market participants which brokers they used named Deutsche as the top foreign forex provider in China, followed by Australia and New Zealand Banking Group, HSBC, Citigroup and BNP Paribas.
Separately, three financial market sources in Europe said Deutsche Bank was one of the banks to have part of its foreign exchange business in China suspended.
On Wednesday, the country’s foreign exchange regulator also said it would improve its reserve position and contingency plans to curb risks from abnormal cross-border capital flows.
The offshore market has traced a similar pattern. SHANGHAI China’s central bank has suspended at least three foreign banks from conducting some foreign exchange business until the end of March, three sources who had seen the suspension notices told Reuters on Wednesday.
A spokeswoman for Deutsche in London declined to comment.
The measure follows a slew of steps taken by the Chinese government to steady the yuan since it devalued the currency in August.
(Reporting by Shanghai Newsroom; Writing by Lu Jianxin, Nathaniel Taplin and John Ruwitch; Additional reporting by Lawrence White and Umesh Desai in Hong Kong, Kevin Yao in Beijing, Patrick Graham in London and Andreas Kroener in Frankfurt; Editing by Will Waterman, Rachel Armstrong and Jane Merriman)
Asked if they had received the central bank’s suspension notice, Citi, HSBC and BNP Paribas declined to comment. There was no immediate response from ANZ.
An economist at a top government think-tank said the measure was a temporary bid to curb demand for dollars that has been strengthening towards the end of the year as the gap between the onshore and offshore yuan exchange rates widens.
The onshore yuan traded in Shanghai has lost 1.44 percent of its value since the end of November, and has repeatedly hit 4-1/2 year lows.
Included among the suspended services are liquidation of spot positions for clients and some other activities related to cross-border, onshore and offshore businesses, the sources said.
“They hope to ease foreign exchange buying pressure and ease depreciation pressure on the yuan,” said the economist who declined to be identified by name
If you’re curious about something, just let that drive you and just go with it,” Fox said. you can often take that information and kind of, arbitrage it before Wall Street [knows about it]. how they IPO on the stock exchange. “And … ‘There’s no females in this industry or this world, but I’m gonna do it anyway.'”
Fox writes about all that she’s learned on her blog, “Fox on Stocks,” with the hope of helping others improve their financial literacy.
So Fox began trading with her own money that she made from acting. I had this understanding and know-how. In her very first year of day-trading, Fox’s returns beat the S&P 500.
. So, being a young investor, actually, has huge advantages and nobody even knows about that because pop culture and, you know, all the things that influences certain companies to do very well, is right at your fingertips.”
When Rachel Fox is not appearing on TV and in movies, the 19-year-old is keeping busy as a stock day trader at her computer — a skill that’s earned her a spot on Seventeen magazine’s Power Teens list.
“… “Just let the enthusiasm take you ’cause that’s what I did and I was like …
“When I was 16 I was like, I understand a lot about, you know, companies,” the “Desperate Housewives” actress told “Good Morning America” co-anchor Amy Robach. “… I had the skill of managing money….”
“I have a couple different strategies,” she said. With other investments, I will definitely pay attention to what’s going on in pop culture a lot ..
Callers to the Bodog.com offices were told that wagers were no longer being accepted on “Survivor.”
For the current “Survivor,” the bets in question affected the odds for contestants Jenna Morasca of Pittsburgh, Pa., and Matthew Von Ertfelda of Washington, D.C.
The players’ current bets on “Survivor: Amazon” have been canceled and their money refunded, Bradley said. The suspicion is they had insider knowledge, he said.
At least two players have been identified as CBS employees and other names may be connected to the network or may be aliases, Bradley said.
“We’re pretty sure this is the case,” Bradley said. By Lynn Elber
An online sportsbook said it has dropped betting on CBS’ “Survivor” after allegedly finding that network employees were wagering – and winning – on the hit reality show.
The Costa Rica-based BoDog.com found at least two CBS employees betting on the show’s outcome, said BoDog spokesman Lance Bradley. The biggest payoff, $8,000, came on a $1,000 bet placed on the fifth “Survivor” at 8-to-1 odds.
“Throughout the history of ‘Survivor,’ many have believed they knew the outcome of the show,” Ender said. One person was said by BoDog to work in a “production role” for CBS.
BoDog requires that bettors must not have knowledge of an event’s outcome. “Some have been right, many have been wrong.”
He wasn’t aware of any other possible legal sanctions.
Betting on events other than sports or racing is banned in Las Vegas sportsbooks, a spokeswoman for the Nevada Gaming Control Board said Thursday. Asked if BoDog might consider legal action, he replied: “It’s not something we’d want to pursue, as a matter of precedent.”. Most offshore sportsbooks accept such alternative bets, said BoDog’s Bradley.
The show narrows the field to two finalists in filmed competitions. Bradley said that bets taken from those alleged to be with CBS skewed the odds significantly on “Survivor” contestants.
“Only ‘The X-Files’ has more conspiracy theories than ‘Survivor,'” CBS spokesman Chris Ender said. He declined further comment on the allegations, or on any action CBS might take.
Odds will be offered on the seventh “Survivor” but all bettors will be carefully monitored, BoDog President Rob Gillespie said in a statement.
They wagered correctly on who would be the final two contestants in both the fourth and fifth editions of “Survivor,” Bradley said. All Rights Reserved
Peter Debruge of Variety: “Between this cast and the conviction Jarecki brings to the table, the film feels incredibly accomplished for a first feature.”
Peter Travers of Rolling Stone: “Richard Gere’s performance in the sinfully entertaining ‘Arbitrage’ is too good to ignore…he is at the peak of his powers.”
Gere has attracted attention for his acting in the film, with Manohla Dargis of The New York Times noting, “Mr. Pols of TIME: “The main reason to see ‘Arbitrage’ is Gere, whose steady improvement with age (he just turned 63) is not remarked upon enough.”
Christy Lemmire of The Associated Press: “Gere is so charming, so irresistible when he’s on top of the world – when he’s got all those plates humming in unison – that he kind of makes you root for his character to get away with it all.”
Richard Gere in a scene from “Arbitrage.”
Pictures: Richard Gere
Watch: Gere and Sarandon discuss their new film, “Arbitrage”
Pictures: Fall Film Preview 2012
AP Photo/Roadside Attractions
But not everyone agrees. Gere and Sarandon previously appeared together on the big screen in the 2004 romantic comedy “Shall We Dance.”
Kyle Smith of The New York Post gave it 2 out of 4 stars: “‘Arbitrage’ is a decent enough way to spend your time compared to, say, waiting on line at the grocery story.
Mary F. He ends up making a mistake that forces him to turn to an unlikely person for help. But why grade on a curve? Every episode of ‘Law & Order’ I’ve ever seen has a more complicated and plausible plot, punchier dialogue and more New York authenticity, all in less than half the time consumed by this poky would-be finance thriller.”
Roger Ebert of The Chicago Sun-Times: “Hitchcock called his most familiar subject ‘The Innocent Man Wrongly Accused.’ Jarecki pumps up the pressure here by giving us a Guilty Man Accurately Accused, and that’s what makes the film so ingeniously involving.”
(CBS News) Richard Gere is back in the shoes of an investor powerhouse, portraying fictional New York hedge fund magnate Robert Miller in “Arbitrage,” which hits theaters today. Clint Eastwood’s chair has a better shot at an Oscar nomination.”
The critics have chimed in on the new Nicholas Jarecki-directed film, with Rotten Tomatoes giving “Arbitrage” a very respectable 81 percent rating. Gere is one of cinema’s great walkers, graced with a suggestively predatory physical suppleness, and he slips through the movie like a panther.
See what else critics are saying:. All Rights Reserved. Gere, allow me to apply a little buzzicidal ointment. The New York Post’s Klye Smith wrote, “And as for that so-called Oscar buzz for Mr. He’s the film’s most deluxe item.”
The 63-year-old “Pretty Woman” actor stars alongside Susan Sarandon and Tim Roth in the drama about a man desperate to complete the sale of his trading empire
Bankruptcy is an option when you have little or no income in order to make any kind of monthly payment to your creditors. Bankruptcy usually lasts 12 months, after which time, any unpaid debt is written off. Bankruptcyhelp.org.uk was set up in response to demand from users of sister site, IVA.co.uk, for a dedicated bankruptcy site.
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Most forms of gambling are illegal in New York state, with legal gambling limited to Indian reservation casinos, betting on horse races and Las Vegas-style casinos.
At its peak, the operation had $200,000 in monthly bills including salaries for a team of employees located in San Jose, Costa Rica, who ran a call center for betters, prosecutors said..
Attorneys for the defendants were not immediately identifiable.
“Illegal gambling is not a victimless crime,” Thompson said. He is accused of purchasing more than 20 houses to help him launder money. Additional arrests are expected in the ongoing investigation.
The operation accepted $927 million in wagers on National Football League games during the 2015 season, prosecutors said. Clients were solicited by word of mouth and on internet gambling forums.
(Reporting by Laila Kearney; Editing by Andrew Hay)
The defendants face up to 25 years in prison if convicted of the top charge of enterprise corruption, prosecutors said. “It preys on peoples’ vulnerabilities and directly leads to money laundering, loansharking and a host of other crimes,” Thompson said.
Mitchnick is the suspected leader of the ring, which operated in Brooklyn and other areas, prosecutors said.
NEW YORK Four California and New York men have been charged in an internet-based sports gambling ring that handled nearly $1 billion in bets during a single football season and ran a team of employees in Costa Rica, prosecutors said on Thursday. A toll-free number for wagering was also provided.
By Laila Kearney
| NEW YORK
It was not clear how much money was handled over the life of the operation or for how long it existed. Thompson said he believes the bust is the biggest of its kind to be brought by local prosecutors.
Gordon Mitchnick, 58, Joseph Schneider, 39, Arthur Rossi, 66, and Claude Ferguson, 43, were charged with crimes including enterprise corruption and first-degree promoting gambling in a 57-count indictment, Brooklyn District Attorney Ken Thompson said in a statement.
The group operated several password-protected websites that allowed gamblers to place bets on a series of professional and collegiate sports games, prosecutors said
CORRECTION: Romney picked six of the Elite Eight teams correctly, not all eight as originally stated.
Romney’s 2015 March triumph comes three years after he declined to fill out a bracket in the midst of the 2012 campaign. By contrast, the famously basketball-savvy President Barack Obama sits all the way back in 6,918,578th place (the 40th percentile).
But humbling as it may be, Romney’s NCAA tournament bracket this year is almost certainly better than yours.
This year, apparently, he was plugged in well enough.
UPDATE: After correctly picking Duke to beat Wisconsin in Monday night’s final game, Mitt Romney’s NCAA tournament bracket now stands in 6,326th place out of 11.57 million submissions entered in ESPN.com’s Tournament Challenge.
And sorry, Badgers fans.
Known for his success in many facets of life, no one has ever accused Mitt Romney of being a college basketball expert.
Out of 11.57 million brackets filled out in ESPN.com’s Tournament Challenge, Romney is in 25,485th place — good enough for the 99.98th percentile. Romney was just that confident about this year’s picks.
Romney attended the final game in Indianapolis and tweeted shortly after its conclusion. Romney picked Duke to win it all.
And in a dramatic show of confidence, he filled out just one bracket and did not even pick a final score for the title game — a metric that is used to settle tiebreakers. “I’m not plugged in well enough this year to do that,” a deferential Romney said at the time.. A Romney source passed along the former Massachusetts governor’s 2015 bracket, and it is in astoundingly strong shape.
Romney picked six of the Elite Eight teams correctly, as well as the Final Four and the final game between Duke and the University of Wisconsin, which Romney plans to attend on Monday night (he was also on hand at the Final Four games on Saturday night)